L3Harris Technologies beats results estimates on robust weapons demand
(Reuters) - Defense contractor L3Harris Technologies beat third-quarter earnings estimates on Thursday, on the back of rising global military budgets amid geopolitical tensions.
L3Harris, which completed its deal to acquire Aerojet in July, also raised its annual forecasts for revenue and earnings to include the rocket engine maker.
The ongoing war in Ukraine has prompted restocking arms and ammunition such as shoulder-fired missiles, artillery and other weaponry, providing U.S. defense companies with lucrative Pentagon contracts.
Demand remains robust amid a heightened threat environment, said L3Harris CEO Christopher Kubasik.
The defense contractor now projects full-year revenue between $19.2 billion and $19.4 billion on earnings of $12.25 to $12.45 per share, compared with previous guidance of between $18.0 billion and $18.3 billion on earnings of $12.25 to $12.55 per share.
Orders awarded to L3Harris amounted to $5.01 billion in the quarter through September 29.
The Florida-based company posted an adjusted profit of $3.19 per share, ahead of analysts average estimate of $3.03.
Revenue grew 16% to $4.92 billion, beating expectations of $4.76 billion, as per LSEG data.
(Reporting by Mehr Bedi in Bengaluru; Editing by Krishna Chandra Eluri)
