L3Harris Stock Slides: Weak 2024 Forecast Weighs On Q4 Earnings

Zinger Key Points
  • L3Harris Technologies reports Q4 EPS of $3.35, versus $3.31, and revenue of $5.34 billion, versus $5.29 billion.
  • 2024 revenue is estimated between $20.7 billion and $21.3 billion. Adjusted EPS is estimated to be between $12.40 and $12.80.

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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsAfter-Hours CenterMoversTechwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!