L3Harris Technologies Board Hikes Dividend By 20%, Approves $6 Bln Share Buyback - Quick Facts

(RTTNews) - While reporting its financial results for the fourth quarter on Friday, L3Harris Technologies Inc. (LHX) provided its financial outlook for fiscal 2021 mostly below analysts' estimates.

In addition, the company's board approved a 20 percent increase in the quarterly cash dividend and approved a new $6 billion share repurchase authorization.

For fiscal 2021, L3Harris forecast revenue of $18.5 billion to $18.9 billion, up organically 3 percent to 5 percent, reported earnings of $9.80 to $10.11 per share, and adjusted earnings of $12.60 to $13.00 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $12.95 per share for the year on revenue growth of 4.5 percent to $19.24 billion. Analysts' estimates typically exclude special items.

The company's board of directors approved a 20 percent increase in the company's quarterly cash dividend rate from $0.85 per share to $1.02 per share, commencing with the dividend to be declared for the first quarter of 2021.