L3Harris Technologies ( NYSE: LHX ) -8.2% post-market Thursday after missing estimates for Q3 adjusted earnings and revenues while also lowering its outlook for the full year.
L3Harris ( LHX ) swung to a Q3 loss of $300M, or a $1.56/share loss, from net income of $481M, or $2.39/share, in the year-earlier quarter, which the company attributed to the combined effect of non-cash goodwill impairment charges and other factors; revenues were roughly flat at $4.25B.
For the full year, the company cut guidance for adjusted EPS of $12.75-$13.00, down from its previous outlook of $13.35-$13.65 and well below $13.41 analyst consensus estimate, on revenues of ~$16.8B, below prior guidance of $17.3B-$17.7B and $17.34B consensus.
In a letter to investors , Chairman and CEO Christopher Kubasik cited ongoing challenges from supply chain disruptions, labor mobility and rising inflation for the downside guidance.
L3Harris' ( LHX ) stock price return shows a 19% YTD gain and a 10% increase during the past year .
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L3Harris plunges after Q3 miss, full-year guidance cut