L3Harris Technologies, a defense contractor based in Melbourne, Fla., has announced higher second-quarter revenue due to increased demand across all segments. Despite this positive growth, the company’s profit declined as a result of higher costs.
Financial Performance
For the quarter ended June 30, L3Harris Technologies reported a profit of $379 million, equivalent to $1.83 per share. This figure is down from a profit of $471 million, or $2.42 per share, during the same quarter in the previous year. Adjusted for certain items, the company’s per-share earnings stood at $2.97, slightly surpassing analysts’ expectations of $2.94 per share.
Robust Revenue Growth
L3Harris Technologies experienced a substantial increase in revenue, which rose by 13% to reach $4.69 billion. This notable growth exceeded analyst estimates of $4.37 billion. The revenue breakdown by segment is as follows:
- Integrated Mission Systems: Revenue increased by 8%
- Space and Airborne Systems: Revenue increased by 9%
- Communications Systems: Revenue increased by 30%
Factors Impacting Profit
The company attributed the decline in profit to the rise in costs associated with product sales and services. This cost increased to $3.48 billion compared to $2.91 billion in the previous year.
For more information, please contact Paul Ziobro.