Zinger Key Points
- The company provided medium-term financial objectives targeting free cash flow growth and margin expansion.
- The company plans paying down debt to achieve a leverage of 3.0x.
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L3Harris Technologies Inc LHX said it plans to discontinue its merger and acquisition (M&A) program for the foreseeable future.
The company attributed the move to strengthen its balance sheet and return all excess capital to shareholders.
L3Harris sees revenue of $23 billion through 2026, with 16% segment operating margins and $2.8 billion free cash flow.
Also See: Janet Yellen Says US Will Be 'Responsible' If Ukraine Loses As $100B Aid Stuck In Congress
For 2024 - 2026, the company plans to prioritize investment in the business, including research and development and capital expenditures. It also plans for paying down debt to achieve a leverage of 3.0x.
"We will focus on driving operational improvements to enhance productivity, reduce expenses, drive margin expansion and generate strong cash flow," said chair and CEO Christopher E. Kubasik.
Also Read: Defense Contractor L3Harris Divests Commercial Aviation Business For $800M - What's The Focus?
Price Action: LHX shares closed lower by 0.38% at $200.31 on Tuesday.
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