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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 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.
The U.S. Air Force has awarded L3Harris Technologies (NYSE:LHX) a five-year contract valued up to $668 million to maintain its C-130 aircraft fleet readiness. L3Harris will perform sustainment at its 1.1 million-square-foot center in Waco, Texas, which is equipped for comprehensive missionization and aircraft services. This contract supports the Air National Guard, Air Force Reserve, and other military branches, helping to alleviate capacity constraints within the Air Logistics complexes. L3Harris emphasizes its extensive C-130 experience and skilled personnel as key assets in fulfilling this contract.
L3Harris Technologies (NYSE:LHX) has secured contracts worth $233 million from the Australian Defence Force to provide secure communications and advanced night vision technology. The contracts include a three-year, $115 million follow-on contract for cryptographic modernization and $118 million for enhanced night vision capabilities. These technologies aim to bolster the situational awareness and safety of Australian soldiers. Both contracts will feature in-country support and repair services in Australia.
L3Harris Technologies (NYSE:LHX) has successfully completed a technology demonstration for the U.S. Space Force, showcasing a Multi-Band Multi-Mission (MBMM) phased array ground antenna system.
This innovative system enables 16 simultaneous satellite contacts, significantly enhancing communication capabilities while lowering infrastructure costs. The demonstration confirmed live contacts across multiple orbital regimes at Schriever Air Force Base, reflecting L3Harris's commitment to meeting the growing satellite mission demands.
The U.S. Navy has awarded L3Harris Technologies a five-year, $496 million contract to develop prototype tactical jamming pods. These Next Generation Jammer Low Band (NGJ-LB) systems enhance U.S. air superiority by providing advanced jamming capabilities across a broad spectrum.
Eight operational pods will be delivered for fleet assessment, replacing the aging ALQ-99 Tactical Jamming System. This contract underscores L3Harris's commitment to supporting the Navy's mission and addressing operational gaps, promoting the company's position as a strong technology provider.
L3Harris Technologies (NYSE:LHX) will host a conference call on January 29, 2021, at 8:30 a.m. ET to discuss its fourth quarter 2020 financial results. Participants can join via dial-in or webcast at L3Harris.com. A recording will be available after 12 p.m. ET on the same day. L3Harris is a leading aerospace and defense technology provider with approximately $18 billion in annual revenue and 48,000 employees, serving customers in over 100 countries.
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