L3Harris Technologies, Inc. - LHX STOCK NEWS

L3Harris Technologies (NYSE:LHX) has completed divestitures of its Military Training business for $1.05 billion to CAE and its Combat Propulsion Systems for $400 million to RENK AG, totaling $1.45 billion. The Military Training unit generates about $525 million annually, while the Combat Propulsion unit reports around $230 million. Proceeds are intended for share repurchases. L3Harris remains a significant player in aerospace and defense with approximately $18 billion in annual revenue.

L3Harris Technologies (NYSE: LHX) welcomes new CEO Christopher E. Kubasik, who aims to enhance global partnerships and expand the company's technological capabilities. With a workforce of 48,000 and operations in over 100 countries, L3Harris generates around 20% of its revenue internationally. Kubasik emphasizes the company's commitment to developing end-to-end solutions across various domains, including air, land, sea, space, and cyber. L3Harris is leveraging significant R&D investments to create exportable technologies, addressing diverse security and economic needs worldwide.

Christopher E. Kubasik has officially succeeded William M. Brown as CEO of L3Harris Technologies (NYSE: LHX), marking a significant leadership transition. This change, reaffirmed by the Board of Directors, follows the planned succession announced during the merger in 2018. Brown becomes Executive Chair, continuing his role after leading the company through its merger into a leading defense technology entity. Kubasik, who has over 30 years of aerospace and defense experience, emphasized the company’s commitment to innovation and customer needs amidst evolving market challenges.

L3Harris Technologies (NYSE:LHX) has unveiled the XL Extreme™ 400P, a rugged handheld radio designed for emergency responders. This radio meets stringent two-way RF standards and showcases advanced technologies used in military communications. It withstands extreme conditions, withstanding flame exposure of over 1,700°F and featuring top-notch audio quality and noise cancellation. Integrated functionalities such as Wi-Fi, Bluetooth, and GPS enhance usability. This addition supports L3Harris' mission to provide reliable communication solutions in demanding environments.

L3Harris Technologies (NYSE:LHX) has received the prestigious James S. Cogswell Outstanding Industrial Security Achievement Award from the U.S. Department of Defense for the 17th consecutive year. The award recognizes L3Harris' Communication Systems facility in Rochester, New York, for surpassing national security standards. Among over 13,000 cleared facilities, only 40 received this honor, reflecting L3Harris' commitment to exceptional security practices essential for operational performance and safeguarding sensitive information. This award highlights the vital partnership between industry and government in protecting classified information.

L3Harris Technologies (NYSE:LHX) executives, Vice Chair Chris Kubasik and CFO Jay Malave, will present at the Alliance Bernstein’s 37th Annual Strategic Decisions Conference on June 4, 2021, at 9:00 a.m. ET. The presentation will be streamed live in a listen-only format via L3Harris.com. A replay will be accessible for seven days after the event. With approximately $18 billion in annual revenue and a workforce of 48,000, L3Harris is a leader in aerospace and defense technology solutions across multiple domains.

L3Harris Technologies (NYSE:LHX) has partnered with Air Tractor to develop the AT-802U Sky Warden™, a multi-mission aircraft tailored for intelligence, surveillance, and reconnaissance (ISR) in harsh combat environments. This production-ready aircraft, based on the Air Tractor AT-802, offers the largest payload capacity among single-engine turboprops and integrates L3Harris’ advanced communication and ISR technology. The Sky Warden enhances operational agility, enabling effective threat identification and response, combining the strengths of larger ISR platforms within a compact design.

L3Harris Technologies (NYSE:LHX) reported Q1 2021 revenue of $4.6 billion, down 1.3% year-over-year but up 1.8% organically. GAAP net income surged 140% to $466 million, with EPS rising 127% to $2.25. Adjusted EBIT increased 6.7% to $862 million, expanding the margin by 140 bps to 18.9%. Revenue growth stemmed from government sectors, countering declines in Aviation Systems due to COVID impacts. The company anticipates 2021 revenue between $18.5 billion and $18.9 billion and has implemented a $6 billion share repurchase program.

The Board of Directors of L3Harris Technologies has declared a quarterly cash dividend of $1.02 per share on common stock, payable on June 15, 2021. This dividend will benefit shareholders of record as of the close of business on June 1, 2021. L3Harris Technologies is a global leader in aerospace and defense, with approximately $18 billion in annual revenue and a workforce of 48,000 employees.