L3Harris (NYSE:LHX) Posts Earnings Results, Beats Estimates By $0.22 EPS

L3Harris (NYSE:LHX) released its quarterly earnings results on Friday. The company reported $2.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.61 by $0.22, MarketWatch Earnings reports. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.48 billion. L3Harris had a net margin of 8.30% and a return on equity of 13.20%. The business’s revenue was up 138.3% on a year-over-year basis. During the same period last year, the business earned $2.51 EPS. L3Harris updated its FY 2020
Pre-Market guidance to 11.15-11.55 EPS and its FY20 guidance to $11.15-11.55 EPS.

Shares of NYSE:LHX opened at $168.33 on Friday. The company has a market cap of $36.34 billion, a PE ratio of 24.54 and a beta of 0.74. The company’s 50-day moving average price is $174.02 and its 200 day moving average price is $191.96. L3Harris has a fifty-two week low of $142.01 and a fifty-two week high of $230.99. The company has a quick ratio of 1.21, a current ratio of 1.41 and a debt-to-equity ratio of 0.32.

LHX has been the subject of several recent analyst reports. Benchmark reissued a “buy” rating and set a $260.00 price objective (down from $280.00) on shares of L3Harris in a report on Wednesday, May 13th. They noted that the move was a valuation call. Sanford C. Bernstein raised their price objective on shares of L3Harris from $217.00 to $236.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. SunTrust Banks decreased their price objective on shares of L3Harris from $265.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, April 16th. Bank of America initiated coverage on shares of L3Harris in a report on Thursday, April 16th. They set a “buy” rating and a $250.00 price objective for the company. Finally, Royal Bank of Canada assumed coverage on shares of L3Harris in a report on Wednesday, May 20th. They set an “outperform” rating and a $219.00 price objective for the company. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $240.32.

In related news, Director Lewis Kramer sold 6,000 shares of L3Harris stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $195.00, for a total value of $1,170,000.00. Following the sale, the director now directly owns 13,278 shares in the company, valued at approximately $2,589,210. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Thomas A. Corcoran sold 1,500 shares of L3Harris stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $206.17, for a total transaction of $309,255.00. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

L3Harris Company Profile

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

Recommended Story: Management Fee

Earnings History for L3Harris (NYSE:LHX)

Receive News & Ratings for L3Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L3Harris and related companies with MarketBeat.com's FREE daily email newsletter.