Author: Mary-Louise Hoffman|| Date Published: July 27, 2023
L3Harris Technologies (NYSE: LHX) reported $4.69 billion in second-quarter revenue, up 13 percent from the prior-year period, and lifted sales outlook for 2023 with growth across the company’s three core business segments.
The Melbourne, Florida-based aerospace and defense contractor now expects full-year revenue of between $18.0 billion and $18.3 billion, compared to the previous $17.4 billion-to-$17.8 billion forecasts.
Sales climbed 30 percent for communications systems, 9 percent for space and airborne systems and 8 percent for integrated mission systems.
Total backlog as of June 30 was $24.95 billion, a 25 percent increase from the same quarter a year ago.
Chris Kubasik, CEO of L3Harris and a three-time Wash100 Award winner, noted the company has moved a step closer to wrapping up the acquisition of Aerojet Rocketdyne (NYSE: AJRD) after receiving favorable advice from the Federal Trade Commission.
“We were advised today that the FTC will not block our acquisition of Aerojet Rocketdyne; therefore, we are moving forward to close the transaction on or about July 28,” he said in a letter to investors.
Shares in L3Harris went up 0.50 percent Wednesday to close at $202.56.
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