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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) has secured contracts worth $137 million for four navigation payload Mission Data Units (MDU) to be used in future GPS III Follow-on (GPS IIIF) satellites. The MDUs will enhance GPS capabilities and are part of an ongoing collaboration with Lockheed Martin, the prime contractor for GPS III/IIIF. The first GPS IIIF satellite is expected to launch in 2026, building on the capabilities of previous GPS III satellites. L3Harris continues to be a key provider of navigation technology for all U.S. GPS satellites.
L3Harris Technologies (NYSE: LHX) unveiled the RF-7850D radio at the IDEX 2021 in Abu Dhabi, recognizing it as the smallest multi-channel, multi-mission radio. This innovative device offers users the option of two 30-512 MHz channels or an additional channel for coverage up to 2500 MHz. It leverages TDMA Networking Waveform for simultaneous voice and data services, and ensures interoperability with legacy systems. The RF-7850D is designed for tactical applications, enhancing battlefield communication across different operational tiers.
L3Harris Technologies (NYSE: LHX) will conduct a virtual Investor Briefing on March 10, 2021, from 10 a.m. to 12:30 p.m. ET. The briefing, featuring Chairman & CEO William M. Brown and Vice Chairman Christopher E. Kubasik, will delve into the company's strategy and outlook, particularly for the Integrated Mission Systems and Space & Airborne Systems segments. Attendees can access the live webcast and Q&A at L3Harris.com, with a replay available afterward.
L3Harris Technologies (NYSE:LHX) will be represented by Chairman and CEO William M. Brown and Senior VP and CFO Jay Malave at the Barclays Industrial Select Conference on February 17, 2021. The virtual event begins at 8:50 a.m. ET and will feature a listen-only stream available on L3Harris.com. This session will be archived for replay for seven days post-event. L3Harris is a leading global aerospace and defense company with approximately $18 billion in annual revenue and 48,000 employees worldwide.
L3Harris Technologies (NYSE:LHX) has secured a contract with Fincantieri Marinette Marine for integrating and producing major subsystems on the U.S. Navy’s guided-missile frigate FFG 62. The potential contract value could exceed $300 million as the Navy plans to build at least 10 ships. L3Harris will deliver integrated systems including electric and propulsion systems, bridge and navigation systems, and aviation integration services. This project highlights L3Harris's commitment to advancing U.S. Navy capabilities and maritime security.
L3Harris Technologies (NYSE:LHX) has secured a $121 million contract from the U.S. Missile Defense Agency for the development of space flight hardware aimed at enhancing the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) program. This initiative is critical in addressing missile threats from near-peer adversaries using advanced infrared sensors. Previously, L3Harris was awarded a study contract for this program in 2019 and has been selected for additional projects related to missile detection and tracking in collaboration with the Department of Defense.
L3Harris Technologies reported Q4 2020 revenue of $4.66 billion, a decline of 3.6% year-over-year, primarily due to divestitures and COVID-related impacts. GAAP net income fell 54% to $184 million, with a GAAP EPS of $0.92, down 48%. However, adjusted EBIT rose by 3.5% to $864 million, with margins expanding to 18.5%. In FY 2020, revenue increased 42% to $18.19 billion, but net income decreased by 19%. The company emphasizes operational excellence and cost management while facing challenges from the pandemic and commercial aviation sector.
L3Harris Technologies (NYSE:LHX) announced a significant 20 percent increase in its quarterly cash dividend, raising it from 85 cents to $1.02 per share, effective for the first quarter of 2021. Additionally, the Board approved a new $6 billion share repurchase authorization. This move is part of the company's strategy to enhance shareholder value, reflecting its strong financial performance and confidence in future growth. CEO William M. Brown emphasized that these actions contribute to an industry-leading return profile.
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