Defense contractor L3Harris Technologies Inc. (NYSE:LHX) experienced a notable 4.45% rise in pre-market trading on Friday. This surge followed the release of its third-quarter financial results, which exceeded market expectations.
What Happened: Benzinga Pro revealed that L3Harris was trading at $255.04 on Friday during pre-market hours after closing at $244.17.
L3Harris Technologies Inc. reported revenue of $5.3 billion for the third quarter, surpassing the consensus estimate of $5.28 billion. Adjusted earnings came in at $3.34 per share, beating analyst predictions of $3.26 per share. The company's total revenue increased by 8% year-over-year, driven primarily by the acquisition of Aerojet Rocketdyne, while organic revenue saw a 5% year-over-year growth. Adjusted earnings also rose by 5% year-over-year.
Christopher Kubasik, chair and CEO, highlighted progress on the LHX NeXt initiative, stating that they expect to exceed the 2024 cost savings target of $400 million.
The company has raised its 2024 revenue guidance to a range of $21.1 billion to $21.3 billion and adjusted its earnings forecast to between $12.95 and $13.15 per share.
On Wednesday, L3Harris also announced its strategic partnership with Palantir Technologies (NYSE:PLTR) for technology development and accelerating L3Harris' digital transformation. The companies will work together to improve connectivity and enable faster, more informed decision-making for warfighters.
Why It Matters: The positive financial results and strategic moves by L3Harris Technologies come at a crucial time for the defense industry. The acquisition of Aerojet Rocketdyne has significantly contributed to the company's revenue growth.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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