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L3Harris Technologies Inc LHX

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Morningstar’s Analysis

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L3Harris' Defense Portfolio Grew Enough to Offset Pandemic Headwinds in Commercial Aviation

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

Narrow-moat-rated L3Harris Technologies reported a solid finish to fiscal 2020. Adjusted EPS grew 10.2% to $3.14 per share in the fourth quarter, beating FactSet consensus estimates by about 1.5%. We are lowering our fair value estimate by 2.5% to $198 per share to reflect higher than previously anticipated overhead expenses over the medium term.

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Company Profile

Business Description

L3Harris Technologies was created in 2019 from the merger of L3 Technologies and Harris, two defense contractors that provide products for the command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) market. The firm also has smaller operations serving the civil government, particularly the Federal Aviation Administration’s communication infrastructure, and produces various avionics for defense and commercial aviation.

1025 West NASA Boulevard
Melbourne, FL, 32919
T +1 321 727-9100
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 48,000