L3Harris Announces 10 Percent Quarterly Dividend Increase

Rhea-AI Summary

The Board of Directors of L3Harris Technologies (NYSE:LHX) has approved a 10% increase in its quarterly cash dividend, raising it from $1.02 to $1.12. This change will commence with the dividend for the first quarter of 2022, payable on March 25, 2022, to shareholders of record by the close of business on March 11, 2022. The annualized dividend rate rises from $4.08 to $4.48, marking the third consecutive double-digit increase since the merger in 2019.

Positive

• 10% increase in quarterly cash dividend from $1.02 to $1.12.
• Annualized dividend rate increases from $4.08 to $4.48.
• Third double-digit dividend increase since 2019 merger.

Negative

• Future dividend increases are not guaranteed and depend on financial health and cash flow.

MELBOURNE, Fla.--(BUSINESS WIRE)-- The Board of Directors of L3Harris Technologies (NYSE:LHX) has approved a 10 percent increase in the company’s per share quarterly cash dividend rate from $1.02 to $1.12, commencing with the dividend for the first quarter of 2022, which is payable March 25, 2022 to shareholders of record on the close of business on March 11, 2022.

The dividend corresponds to an increase in the annualized rate from $4.08 to $4.48 and represents the third double-digit dividend increase since the merger was completed in mid-2019.

“This increase builds on the success of our capital returns program and reflects our confidence in L3Harris’ financial outlook,” said Christopher E. Kubasik, Vice Chair and Chief Executive Officer. “We expect to create additional value through disciplined capital allocation, margin expansion and advancing our operational excellence program. We also plan to expand our topline by enhancing our position as a non-traditional prime – rapidly providing disruptive solutions and forming new partnerships to deliver emerging technologies to customers at the speed of relevance.”

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements about the company’s financial outlook and creation of additional value and expanding our topline are forward-looking and involve risks and uncertainties. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. The declaration of dividends and the amount thereof will depend on a number of factors, including the company’s financial condition, capital requirements, cash flow, results of operations, future business prospects and other factors. There can be no assurances that the company’s cash dividend rate will continue to increase. Other factors that may impact the company's results and forward-looking statements may be disclosed in the company's filings with the SEC. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220225005492/en/

Rajeev Lalwani

Investor Relations

Rajeev.Lalwani@L3Harris.com

321-727-9383

Jim Burke

Corporate

Jim.Burke@L3Harris.com

321-727-9131

Source: L3Harris Technologies

FAQ

What is the new dividend amount for LHX?

The new quarterly dividend amount for L3Harris Technologies (LHX) is $1.12.

When is the dividend for LHX payable?

The dividend for L3Harris Technologies is payable on March 25, 2022.

What are the dates for LHX's dividend record?

Shareholders of record for LHX will be noted by the close of business on March 11, 2022.

How much has LHX's annual dividend increased?

LHX's annual dividend increased from $4.08 to $4.48.

Is LHX's dividend increase sustainable?

The increase is subject to L3Harris Technologies' financial condition and cash flow.