L3Harris Beats Q3 Estimates With $3.28 EPS, Revenue Up 7.1%
LHX sits 21% above its 52-week low of $232.343.
Summary
L3Harris delivered a clean beat: adjusted EPS of $3.28 versus the $2.94 consensus, and revenue of $6.06 billion versus $5.92 billion expected, up 7.1% year over year. Net income came in at $613 million. The quarter also drove orders of $19.3 billion, lifting backlog to a record $53.2 billion — the demand picture behind the recent string of large missile-defense awards, including the $4.7 billion PAC-3 propulsion contract and the $6 billion-plus THAAD propulsion deal. This is the first quarterly report since the board removed CEO Christopher Kubasik in August over a conduct investigation, so a beat of this size on the top and bottom line supports the interim leadership's execution. Note the setup: nine analysts cut estimates in the last 30 days, so expectations had drifted lower into the print. Shares had lost 11.2% year to date before this report.
At the time of this announcement, LHX was trading at $280.08 on NYSE in the Manufacturing sector, with a market capitalization of approximately $52.2B. The 52-week trading range was $232.34 to $379.23. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.