2023-04-27 18:01:52 ET
L3Harris Technologies ( NYSE: LHX ) rose in extended trading after the aerospace and defense company reported sales that exceeded estimates of Wall Street analysts. The stock advanced 3% to $204 a share by 5:21 p.m. ET.
The company’s revenue rose 9% from a year earlier to $4.47 billion in Q1, beating the estimate average of $4.26 billion. EPS adjusted for one-time items such as divestitures fell 9% from the prior year to $2.86.
Its orders rose 45% from the prior year to $5.84 billion, helping to lift its backlog by 16% to $24.5 billion.
Among its business segments, integrated mission systems increased revenue 2% to $1.7 billion, space and airborne systems by 9% to $1.66 billion and communication systems by 21% to $1.16 billion.
“The increased demand and focus on global defense spending has continued into the first quarter of 2023, supporting strong orders for L3Harris capabilities,” according to its quarterly report. “Geopolitical tensions remain elevated with near-peer threats such as China and the conflict between Russia and Ukraine entering its fourteenth month. International governments continue to revisit spending levels to address threats across all domains.”
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L3Harris rises after reporting Q1 sales gain