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L3Harris Stock Slides: Weak 2024 Forecast Weighs On Q4 Earnings

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L3Harris Technologies Inc. LHX shares are trading lower in Thursday’s after-hours session on the heels of the company’s fourth-quarter earnings report.

What To Know: L3Harris Technologies reported quarterly adjusted earnings of $3.35 per share which exceeded the analyst consensus estimate of $3.31, a 2.45% increase over earnings of $3.27 per share from the same period last year.

The company reported quarterly sales of $5.34 billion which beat the Street’s expectations of $5.29 billion, a 16.64% increase over sales of $4.58 billion from the same period last year.

While fourth-quarter operating margin decreased, segment operating margin grew 50 bps to 15.1%. The company cited, “efficiencies realized by increased revenue and favorable product mix” as the driving factor behind the increase. Also, the full-year operating margin increased 70 bps.

L3Harris Technologies stated it expects 2024 revenue to be between $20.7 billion and $21.3 billion, versus the $21.45 billion estimate. Adjusted earnings per share are estimated to be between $12.40 and $12.80, versus the estimate of $13.14.

“We delivered on our 2023 financial commitments and reported a record backlog of $33 billion, further demonstrating that our strategy to be the industry’s Trusted Disruptor is working. Our agility and innovation continue to resonate with customers, enabling us to broaden our capabilities into high-growth markets,” said Christopher E. Kubasik, chair and CEO.

“Last year, we also closed, integrated, and are benefiting from two acquisitions and we announced the sale of a non-core business. These actions are strengthening and better aligning our portfolio with the Department of Defense and U.S. allied partner priorities.”

LHX Price Action: Shares of L3Harris were down 3% at $198.50 in the after-hours session at the time of publication, according to Benzinga Pro

Related Link: Why KLA Corporation Stock Fell After-Hours

Photo: Robert Waghorn from Pixabay

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