Welcome to our dedicated page for L3Harris Technologies news (Ticker: LHX), a resource for investors and traders seeking the latest updates and insights on L3Harris Technologies stock.
L3Harris Technologies, Inc. (NYSE: LHX) is a dynamic global aerospace and defense technology innovator, providing advanced solutions to meet mission-critical needs across multiple domains including space, air, land, sea, and cyber. With an annual revenue of approximately $18 billion and a workforce of 47,000 employees, L3Harris serves customers in over 100 countries.
The company specializes in C4ISR systems, which encompass command, control, communications, computers, intelligence, surveillance, and reconnaissance. L3Harris also produces uncrewed aerial vehicles, sophisticated sensors, and avionics systems, and offers military and commercial training services. Notably, it maintains the U.S. Federal Aviation Administration's communications infrastructure, ensuring seamless operations and safety.
In July 2023, L3Harris acquired Aerojet Rocketdyne, a prominent supplier of rocket motors, bolstering its capabilities in the space and defense industry. This acquisition marks a significant step in expanding the company’s portfolio and enhancing its role in critical aerospace systems.
Recent developments include the creation of the Fisica platform through the sale of certain antenna and test equipment businesses to Kanders & Company for $200 million. This strategic move is expected to foster growth and innovation in the defense sector.
Additionally, L3Harris has entered into a five-year contract with Iridium Communications for the Iridium® Satellite Time and Location (STL) service. This partnership ensures robust timing synchronization for L3Harris’s nationwide communication networks, crucial for supporting the National Airspace System operations.
L3Harris is committed to delivering cutting-edge technologies and services that address the evolving demands of defense and commercial markets. With a solid financial foundation and strategic partnerships, the company is well-positioned for future growth and success.
L3Harris Technologies (NYSE: LHX) reported strong Q3 2024 results with revenue of $5.3 billion, up 8% year-over-year, and 5% organic growth. The company achieved a book-to-bill ratio of 1.4x with orders of $7.2 billion. Diluted EPS increased 4% to $2.10, while non-GAAP diluted EPS rose 5% to $3.34.
The company increased its 2024 guidance, projecting revenue of $21.1B - $21.3B, adjusted segment operating margin of ~15.5%, and non-GAAP diluted EPS of $12.95 - $13.15. L3Harris also raised its cost savings target from $400 million to at least $600 million for 2024, expecting to reach the $1 billion target a year early.
L3Harris Technologies (NYSE: LHX) and Palantir Technologies (NYSE: PLTR) have announced a strategic partnership to advance technology development and accelerate L3Harris' digital transformation. The collaboration combines L3Harris' sensors and software-defined systems with Palantir's Artificial Intelligence Platform (AIP). The partnership includes collaboration on U.S. Army programs like TITAN, efforts aligned with the Army's Unified Network Strategy, and internal digital transformation initiatives at L3Harris. Recent integration of L3Harris' WESCAM MX-20 EO/IR system with Palantir's Sensor Inference Platform demonstrated improved target detection and reduced operator workload.
L3Harris Technologies (NYSE:LHX) has announced a quarterly cash dividend of $1.16 per common share. The dividend will be payable on December 6, 2024, to shareholders of record at the close of business on November 18, 2024. This decision was made by the company's Board of Directors, demonstrating their commitment to returning value to shareholders.
L3Harris Technologies (NYSE: LHX) has announced the appointment of David S. Regnery, Chair and CEO of Trane Technologies plc, to its Board of Directors. Christopher E. Kubasik, Chair and CEO of L3Harris, praised Regnery's strong leadership and success in business transformation. Regnery, 62, became CEO of Trane Technologies in July 2021 and Chair in January 2022. He previously served as President and COO, overseeing the company's operations and business segments.
Regnery expressed excitement about joining the L3Harris Board and contributing his experience as a current Chair and CEO of a global industrial company. He is the third independent director added to the L3Harris Board as part of a cooperation agreement with the D.E. Shaw group from December 2023.
L3Harris Technologies (NYSE:LHX) has unveiled its new autonomous reconnaissance and security vehicle system, Diamondback™, at the Association of the United States Army's annual meeting. This system expands L3Harris' platform and mission system autonomy capabilities to support robotic vehicles in land environments.
Key features of Diamondback include:
- Easily reconfigurable
- Highly mobile
- Rapidly scalable
- Modular and open systems architecture
- Focus on commercial components and mobility
The open development approach of Diamondback aims to improve production ramp-up, reduce costs, increase maintainability, and accelerate technology insertions for evolving missions. L3Harris has partnered with Overland AI to provide off-road, cross-country vehicle navigation technology for Diamondback's mission systems.
L3Harris Technologies (NYSE:LHX) has announced the schedule for its third quarter 2024 financial results release and earnings call. The company will release its Q3 2024 financial results on Thursday, October 24, 2024, after market close. This will be followed by an earnings call on Friday, October 25, 2024, at 8:30 a.m. ET. Investors and interested parties can participate in the call via webcast at L3Harris.com or by dialing 800-274-8461 (U.S.) or +1 203-518-9814 (international). A recording of the call will be made available on the company's website approximately at 12 p.m. ET on October 25, 2024.
L3Harris Technologies (NYSE:LHX) has achieved a significant milestone in spectrum dominance by initiating production of its Viper Shield™ all-digital electronic warfare (EW) suite for F-16 fighter jets. The advanced system will be provided to F-16 fleets in six countries. Viper Shield offers enhanced situational awareness and threat countering capabilities, with a flexible installation approach for various F-16 configurations. The system's small 3U form factor allows for integration within the aircraft or as an external pod. Designed for F-16 Block 70/72 aircraft, Viper Shield uses software-defined technology and is engineered for future upgrades to counter evolving threats. Production is taking place at L3Harris' site in Clifton, New Jersey.
L3Harris Technologies (NYSE:LHX) has secured a five-year contract worth up to $587.4 million from the US Navy to deliver custom tactical jamming pods for the Next Generation Jammer – Low Band (NGJ-LB) program. This advanced airborne electronic warfare system will modernize the Navy's Aerial Electronic Attack capability. L3Harris' solution offers:
1. Advanced processing with increased jamming capability
2. Easier maintenance through a modular, open-system architecture
3. Seamless upgrades and future technology integration
4. Compatibility with joint and allied forces
The company will provide eight operational prototype pods and additional test assets over the next five years. The NGJ-LB pods will be deployed on EA-18G Growler aircraft, replacing the aging AN/ALQ-99 Tactical Jamming System.
L3Harris Technologies (NYSE:LHX) has announced its participation in two upcoming investor conferences. Chair and CEO Christopher E. Kubasik and CFO Ken Bedingfield will present at the Jefferies 2024 Industrials Conference on September 5, 2024, at 8:40 a.m. ET in New York City. Additionally, Integrated Mission Systems President Jon Rambeau will join Bedingfield at the Morgan Stanley 12th Annual Laguna Conference on September 12, 2024, at 11:10 a.m. ET in Dana Point, California.
Both presentations will be streamed live on the L3Harris website, with recordings available after the events. These conferences provide opportunities for investors to gain insights into L3Harris's strategies and performance directly from top executives.
L3Harris Technologies (NYSE: LHX) has announced its 2030 sustainability goals, reinforcing its commitment to environmental stewardship. By 2030, L3Harris aims to achieve a 60% reduction in greenhouse gas emissions, a 20% reduction in water use, and a 10% reduction in solid waste. Additionally, the company plans to source 40% of its electricity from renewable sources.
Chair and CEO Christopher E. Kubasik stated that these goals support a sustainable future and improve business operations by reducing costs, promoting energy efficiency, enhancing business resilience, and fostering innovation. Previous sustainability goals were met three years early due to strategic investments. The new goals will measure progress against a 2021 baseline. The Board of Directors will oversee these efforts, ensuring continuous improvement through benchmarking, data capture, and compliance with industry standards and regulatory requirements.
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