Sector: Industrials|Industry: Aerospace & Defense|Market Cap: $40.48B|Employees: 50K
L3Harris Technologies is a defense industry company that delivers end-to-end technology solutions connecting space, air, land, sea, and cyber domains. The company's core business model revolves around providing mission-critical solutions to government customers in over 100 countries, with a significant focus on the U.S. government and its prime contractors. L3Harris holds a leading market position in resilient communication solutions and is a prime and subsystem integrator in the space, airborne, and cyber domains.
Q3 revenue reached $5.292B, up 8% YoY, primarily due to a full quarter of revenue from the AJRD acquisition in the AR segment, compared to a partial quarter in the prior year. This was partially offset by lower revenues in other segments.
Gross margin was 26.8% of revenue, compared to 26.6% in the prior year. While revenue increased, the gross margin percentage remained relatively flat year-over-year.
Diluted EPS was $2.10, up 4% YoY, primarily due to higher net income resulting from the increase in gross margin, partially offset by an increase in G&A expenses.