L3Harris Rises on Profit and Revenue Growth, Boosts Full-Year Outlook

Deep News04-30

L3Harris Technologies, Inc. reported a year-over-year increase in both profit and revenue for the first quarter, driven by continued strong demand for military equipment. The company also raised its full-year adjusted earnings forecast. Despite the positive results, the stock was down 0.6% in early trading.

On Thursday, the company announced it now expects full-year adjusted earnings per share to be in the range of $11.40 to $11.60, up from its previous guidance of $11.30 to $11.50. The full-year revenue outlook was maintained in the range of $23.0 billion to $23.5 billion. According to a FactSet survey, analysts' consensus estimates were for full-year adjusted EPS of $11.59 and revenue of $23.44 billion.

Chief Executive Officer Christopher Kubasik stated that the evolving global landscape and rising military demands are shaping the company's near-term operational priorities. He added that the company is scaling its operations and accelerating production capacity across the board to meet this demand.

First-quarter performance details: Net income was $512 million, compared to $386 million in the same period last year. Quarterly earnings per share came in at $2.72, surpassing analyst expectations of $2.53. Revenue grew 12% year-over-year to $5.74 billion, exceeding Wall Street's forecast of $5.42 billion.

Segment performance: Revenue from the Space & Airborne Systems segment surged 24% to $2.99 billion. The Communication & Spectrum Defense segment reported revenue of $1.86 billion, a 2.5% increase. The Missile Solutions business saw revenue climb 18% to $990 million.

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