L3Harris Technologies ($LHX) disclosed its second-quarter earnings on Thursday, surpassing analyst expectations with adjusted earnings reaching $3.24 per share for the quarter ending June 28. This figure represents a notable increase from $2.97 per share during the same period last year. Analysts surveyed in a Capital IQ poll had predicted adjusted earnings of $3.18 per share.
While the company's revenue saw a commendable 13% growth, rising to $5.3 billion, it slightly fell short of Wall Street's forecast of $5.31 billion. Examining the performance of different sectors within the company, revenue from space and airborne systems experienced a minor decline, slipping to $1.707 billion compared to $1.715 billion from the previous year.
Similarly, integrated mission systems reported a decrease, falling to $1.729 billion from $1.735 billion. On a more positive note, communication systems posted a 4% increase, achieving $1.346 billion in revenue. Looking ahead, L3Harris provided updated guidance for the current fiscal year, now expecting adjusted earnings per share (EPS) of between $12.85 and $13.15, an improvement from the previous projection of $12.70 to $13.05.
Analysts had previously modeled expectations at $12.98 per share, indicating favorable sentiment among investors regarding the company's financial outlook. Furthermore, the company has forecasted its total revenue for 2024 to range between $21 billion and $21.3 billion, marking a rise from the earlier guidance which ranged from $20.8 billion.
Street analysts' expectations hover around a projected revenue of approximately $21.2 billion for the coming year, reflecting a consensus on L3Harris's growth potential. In terms of stock performance, the company is currently trading at $242.00, noting a decrease of $1.27, which translates to a percent change of -0.52.
This stock performance, coupled with the promising earnings report, will likely continue to engage investors and analysts alike, keeping a close watch on future developments for L3Harris Technologies..