NVIDIA launches Jetson Thor robotics computers for physical AI systems
MELBOURNE, Fla. - L3Harris Technologies (NYSE:LHX) reported fourth quarter earnings that beat analyst estimates, driven by strong demand across all domains and operational efficiencies.
The defense technology company also provided an optimistic outlook for 2025, sending its shares up 3% in response.
L3Harris reported fourth quarter adjusted earnings per share of $3.47, surpassing the analyst consensus of $3.44. Revenue for the quarter came in at $5.5 billion, in line with analyst expectations and up 3% YoY. The company noted that organic revenue growth was 4% for the quarter.
For the full year 2024, L3Harris achieved revenue of $21.3 billion, representing a 10% increase from the previous year and 4% organic growth. The company reported strong order intake of $24.2 billion for 2024, resulting in a book-to-bill ratio of 1.14x and a record backlog of $34 billion.
Looking ahead, L3Harris provided guidance for fiscal year 2025, projecting earnings per share between $10.55 and $10.85 and revenue in the range of $21.8 billion to $22.2 billion. The midpoint of the revenue guidance at $22 billion is slightly above the analyst consensus of $21.9 billion.
Christopher E. Kubasik, Chair and CEO of L3Harris, commented on the results: "2024 was a year of significant accomplishments as we delivered on our financial commitments, underscoring our agility and position as the defense industry’s Trusted Disruptor, and achieved a record backlog of $34 billion."
The company also highlighted its cost-saving initiatives, exceeding its 2024 target by achieving $800 million in savings through its LHX NeXt program. L3Harris has raised its overall cost-savings goal to $1.2 billion by the end of 2025, a year ahead of schedule.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.