L3Harris Technologies Q3 Results

NEW YORK – L3Harris Technologies (NYSE:LHX) reported better-than-expected third quarter results and raised its full-year outlook, sending shares up 3.2% in after-hours trading Thursday.

The defense contractor posted adjusted earnings per share of $3.34, surpassing analyst estimates of $3.25. Revenue rose 8% YoY to $5.3 billion, slightly ahead of the $5.28 billion consensus.

L3Harris saw strong demand for its communication equipment and night vision devices, particularly from NATO countries. The company’s book-to-bill ratio was a robust 1.4x for the quarter.

> “We delivered strong third-quarter results, highlighted by outstanding book-to-bill of 1.4x, solid organic growth, and while continuing to improve margins,” said CEO Christopher E. Kubasik.

For the full year 2024, L3Harris raised its adjusted EPS guidance to $12.95-$13.15 from $12.85-$13.15 previously. It also narrowed its revenue outlook to $21.1-$21.3 billion from $21.0-$21.3 billion.

The company said it now expects to exceed its 2024 cost savings target of $400 million, raising it to at least $600 million. L3Harris aims to reach $1 billion in annual savings a year early.

> “Our pipeline provides opportunity for additional cost savings opportunities to exceed the $1 billion target. All of this gives us confidence to deliver 2026 segment operating margins of at least 16%,” Kubasik added.

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