L3Harris Technologies ( NYSE: LHX ) rose Friday after the defense contractor beat estimates on quarterly revenue. The stock rose as much as 9.2% to $214.55, the highest in six weeks.
The company’s revenue rose 6% from a year earlier to $4.58 billion in Q4, compared with the consensus estimate of $4.34 billion. L3Harris ( LHX ) attributed the gains to its communications and its aerospace systems units.
Its Q4 revenue profit of $416 million, or $2.17 a share, was down from $484 million, or $2.46 a share, a year earlier. Adjusted EPS of $3.27 a share was in line with analyst estimates for $3.26.
The company provided guidance for 2023 revenue of $17.4 billion to $17.8 billion, compared with $17.1 billion in 2022. It forecast adjusted EPS in a range of $12.00 to $12.50, compared with $12.90 last year.
In a letter to investors, Chair and CEO Christopher E. Kubasik said momentum is building for the company amid heightened threats from China and Russia, including the war in Ukraine.
L3Harris ( LHX ) last month agreed to buy Aerojet Rocketdyne Holdings ( AJRD ) in a $4.7 billion all-cash deal. Sen. Elizabeth Warren (D-MA) opposes the takeover , asking the Federal Trade Commission to block it.
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L3Harris rises after quarterly revenue beats estimates