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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.
Firefly Aerospace has announced a new multi-launch agreement with L3Harris Technologies (NYSE: LHX) for up to 20 launches on Firefly's Alpha rocket. This 5-year agreement, spanning from 2027 to 2031, includes two to four missions per year based on customer needs. It complements an existing agreement for three Alpha missions in 2026.
The Alpha rocket will launch L3Harris spacecraft into low-Earth orbit from Firefly's SLC-2 launch site at the Vandenberg Space Force Base. Alpha can support responsive space needs for both government and commercial customers, delivering satellites up to 1,030 kg directly to preferred orbits.
Firefly is accelerating vehicle production with a facility expansion in Briggs, Texas, featuring new automated technology that significantly reduces production time for Alpha's carbon composite structures.
L3Harris Technologies (NYSE:LHX) has reported significant progress one year after acquiring Aerojet Rocketdyne. The company has increased internal investments in Aerojet Rocketdyne by 40% year-over-year, focusing on expanding and modernizing manufacturing capabilities. L3Harris has also provided over $25 million in funding to sub-tier suppliers and qualified additional suppliers to strengthen the solid rocket motor subcomponent supply chain.
Performance improvements include record-setting months of deliveries for five programs and reducing late deliveries by nearly half. L3Harris propulsion systems have supported key missile defense tests and historic launches. The company has also been selected for hypersonics and critical defense programs like Next Generation Interceptor, while demonstrating advanced solid rocket motors and completing RS-25 rocket engine certification testing for NASA's Artemis campaign.
L3Harris Technologies (NYSE: LHX) reported strong Q2 2024 results and increased its 2024 guidance. Key highlights include:
- Revenue of $5.3 billion, up 13% year-over-year
- Orders of $5.2 billion with a book-to-bill ratio of 1.0x
- Operating margin of 9.0%; adjusted segment operating margin of 15.6%
- Diluted EPS of $1.92; non-GAAP EPS of $3.24, up 9% from Q2 2023
L3Harris raised its 2024 guidance:
- Revenue range increased to $21.0B - $21.3B
- Adjusted segment operating margin guidance increased to 15.2% - 15.4%
- Non-GAAP EPS guidance range raised to $12.85 - $13.15
The company's strong performance reflects its focus on operational excellence and execution, as well as progress towards its 2026 financial framework.
L3Harris Technologies (NYSE:LHX) has announced a quarterly cash dividend of $1.16 per common share. The dividend will be payable on September 20, 2024, to shareholders of record at the close of business on September 6, 2024. This announcement demonstrates L3Harris' commitment to returning value to its shareholders through regular dividend payments.
L3Harris Technologies (NYSE:LHX) has scheduled the release of its second quarter 2024 financial results for Thursday, July 25, 2024, after market close. The company will conduct an earnings call on Friday, July 26, 2024, at 8:30 a.m. ET. The call can be accessed via webcast on L3Harris.com. For telephonic participation, the U.S. dial-in number is 877-407-6184, and for international participants, the number is +1 201-389-0877. A recording of the call will be available on the company's website starting at 12 p.m. ET on July 26, 2024.
CesiumAstro, a leading space communications technology company, announced the closing of a $65 million Series B+ funding round. The round was led by Trousdale Ventures, with participation from the Development Bank of Japan and Quanta Computer, Inc. Other investors included Kleiner Perkins, Lavrock Ventures, L3Harris Technologies (NYSE: LHX), InMotion Ventures, Matter Venture Partners, MESH Ventures, and Assembly Ventures.
The funds will be used to accelerate research and development, expand manufacturing capabilities, support global expansion, and enhance talent acquisition. CesiumAstro aims to leverage this funding to solidify its position within the space and defense industries and to advance its innovative space communications technologies, such as the Vireo multi-beam Ka-band active phased array payload and Skylark SATCOM terminal.
Since its founding in 2017, CesiumAstro has raised $156 million in equity capital. The company’s team of over 200 professionals and its in-house capabilities in rapid prototyping, testing, and manufacturing are pivotal to its success.
L3Harris Technologies (NYSE:LHX) has entered into a strategic collaboration with Accenture (NYSE:ACN) to accelerate its technological transformation under the 'LHX NeXt' initiative. The partnership will focus on building a robust digital core, optimizing operations, and fostering future growth.
Key aspects include leveraging Accenture’s expertise in cloud, infrastructure, and application services to enhance agility and scalability. Some L3Harris IT professionals will transition to Accenture, gaining industry-specific training and new technological skills.
Benefits of the collaboration include improved cost management, enhanced customer service through innovative software and systems, and enriched employee experiences with new enterprise resources and tools.
Aerojet Rocketdyne, part of L3Harris Technologies (NYSE:LHX), has successfully delivered its 1,000th solid rocket boost motor and Liquid Divert and Attitude Control System (LDACS) for the Missile Defense Agency’s Terminal High Altitude Area Defense (THAAD) system ahead of schedule. This milestone underscores the company's reliability in providing propulsion and precision systems. THAAD, a key component of the U.S. Missile Defense System, has a 100% success rate in missile defense tests with 16 successful intercepts. Aerojet Rocketdyne manufactures these components across facilities in Huntsville, Alabama; Camden, Arkansas; and Los Angeles, California.
Kanders & Company has completed its acquisition of certain antenna and test equipment businesses from L3Harris Technologies for $200 million.
The acquired businesses, ATI, Datron, and Randtron, will operate under Kanders' new defense technology platform, Fisica.
Fisica will manufacture antennas and electromagnetic systems for various defense applications, including radar and communications.
Based in San Leandro, with additional operations in Menlo Park and Simi Valley, Fisica aims for growth as a critical partner for defense primes and the U.S. Department of Defense.
Warren B. Kanders will serve as Fisica's Executive Chairman, with Mark Rayner as President and Christopher Prabhu as CFO.
L3Harris Technologies (NYSE:LHX) has completed the sale of its antenna and related businesses to an affiliate of Kanders & Company, Inc. for $200 million. This strategic divestiture aligns with L3Harris’ focus on refining its portfolio by shedding non-core assets. The transaction breakdown includes $175 million in cash and a $25 million seller note. The divested businesses, previously under the Space & Airborne Systems segment, employed around 375 people. The proceeds from this transaction will be utilized in line with L3Harris' capital allocation plans.
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