July 29 (Reuters) – Defense supplier L3Harris Technologies beat Wall Street estimates for second-quarter revenue on Wednesday, as it banks on strong demand for weapons and military technology.
Defense contractors are seeing increased demand as the Pentagon moves to replenish missile and munitions stockpiles depleted by a series of conflicts, including the ongoing Iran war and the Russia-Ukraine war.
Here are some details:
• L3Harris’ missile solutions segment, which makes propulsion systems and hypersonic weapons, posted a 14% rise in revenue.
• The Melbourne, Florida-based company reported a quarterly profit of $3.13 per share, up from $2.44 per share last year.
• Total revenue for the second quarter was $5.88 billion, up 8.4% from a year earlier and above analysts’ estimates of $5.81 billion, as per data compiled by LSEG
• It now expects 2026 sales in the range of $23.2 billion to $23.7 billion, up from $23 billion to $23.5 billion forecast previously.
• However, the midpoint of the new forecast is below analysts’ expectations of $23.58 billion.
• Shares of the company were down 1.35% in choppy aftermarket trading.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Shailesh Kuber)
