Defense contractor L3Harris Technologies Inc. LHX experienced a notable 4.45% rise in pre-market trading on Friday. This surge followed the release of its third-quarter financial results, which exceeded market expectations.
What Happened: Benzinga Pro revealed that L3Harris was trading at $255.04 on Friday during pre-market hours after closing at $244.17.
L3Harris Technologies Inc. reported revenue of $5.3 billion for the third quarter, surpassing the consensus estimate of $5.28 billion. Adjusted earnings came in at $3.34 per share, beating analyst predictions of $3.26 per share. The company’s total revenue increased by 8% year-over-year, driven primarily by the acquisition of Aerojet Rocketdyne, while organic revenue saw a 5% year-over-year growth. Adjusted earnings also rose by 5% year-over-year.
Christopher Kubasik, chair and CEO, highlighted progress on the LHX NeXt initiative, stating that they expect to exceed the 2024 cost savings target of $400 million.
The company has raised its 2024 revenue guidance to a range of $21.1 billion to $21.3 billion and adjusted its earnings forecast to between $12.95 and $13.15 per share.
On Wednesday, L3Harris also announced its strategic partnership with Palantir Technologies PLTR for technology development and accelerating L3Harris' digital transformation. The companies will work together to improve connectivity and enable faster, more informed decision-making for warfighters.
Why It Matters: The positive financial results and strategic moves by L3Harris Technologies come at a crucial time for the defense industry. The acquisition of Aerojet Rocketdyne has significantly contributed to the company’s revenue growth.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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