Wednesday, March 29, 2023
HomeMarketL3Harris Stock Rises After Revenue Tops Expectations on Strong Defense Spending

L3Harris Stock Rises After Revenue Tops Expectations on Strong Defense Spending

L3Harris Technologies topped fourth-quarter revenue expectations. (Photo by Stuart C. Wilson – WPA Pool/Getty Images)

- Advertisement -

Shares in U.S. defense contractor
L3Harris Technologies
rose Friday after the company beat expectations on fourth-quarter revenue.

(ticker: LHX) reported fourth-quarter revenue of $4.58 billion, up 6% organically. Analysts had, on average, forecast revenue of $4.34 billion, according to FactSet. The company said growth was driven by its communication systems and space-and-airborne systems segments. 

“The increased demand and focus on global defense spending have been sustained for another quarter, supporting strong orders for
capabilities,” the company said in a letter to investors. 

L3Harris has received orders worth several hundred million dollars in support of Ukraine, including its Vampire anti-drone system.

L3Harris stock was up more than 3% in premarket trading on Friday. Shares have dropped slightly since L3Harris agreed to buy rocket-engine maker
Aerojet Rocketdyne
(AJRD) for about $4.7 billion including company debt, in December. 

L3Harris’ non-GAAP earnings per share for the fourth quarter were $3.27, broadly in line with expectations, according to FactSet. 

L3Harris expects full-year revenue of $17.4 billion to $17.8 billion, and non-GAAP EPS of $12 to $12.50, including pension headwinds of 71 cents a share. That compares with 2022 revenue of $17.1 billion and profit of $12.90 a share.

Write to Adam Clark at


- Advertisment -

Most Popular