MELBOURNE, Fla. - L3Harris Technologies (NYSE: NYSE:LHX) has announced its second quarter results, surpassing analyst expectations for adjusted earnings per share (EPS) and maintaining revenue in line with consensus estimates.
The company reported an adjusted EPS of $3.24, which is $0.07 higher than the analyst estimate of $3.17. Revenue for the quarter was reported at $5.3 billion, consistent with the consensus estimate.
The second quarter's adjusted EPS represents a 9% increase from the $2.97 reported in the same quarter last year, indicating a solid year-over-year (YoY) growth. The company's operating margin stood at 9.0%, with an adjusted segment operating margin of 15.6%.
Christopher E. Kubasik, Chair and CEO of L3Harris Technologies, commented on the results, "We delivered another strong quarter of financial results with improved margins, reflecting our commitment to operational excellence and a relentless focus on execution that delivers value to our customers and shareholders."
He also mentioned the company's progress since the merger five years ago and the positive impact of the LHX NeXt initiative on streamlining operations.
Looking ahead, L3Harris Technologies has raised its revenue and EPS guidance for 2024. The company now expects revenue to be between $21.0 billion and $21.3 billion, an increase from the previous guidance of $20.8 billion to $21.3 billion.
Additionally, the adjusted segment operating margin guidance has been raised from >15% to a range of 15.2% to 15.4%.
For the full year 2024, the company anticipates an adjusted EPS between $12.85 and $13.15, compared to the consensus estimate of $12.97. The midpoint of the guidance range, $13.00, is slightly above the analyst consensus, indicating a positive outlook for the company's earnings.
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