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Investing.com -- L3Harris Technologies (NYSE:LHX) reported first quarter earnings that surpassed analyst expectations, while revenue fell short of estimates. The defense contractor also lowered its full-year guidance, sending shares down 1.1% in response.
The company posted adjusted earnings per share of $2.41 for the first quarter, beating the analyst consensus of $2.32. Revenue came in at $5.13 billion, missing the $5.22 billion estimate and representing a 1.7% YoY increase.
L3Harris Technologies lowered its fiscal year 2025 earnings guidance to a range of $10.30 to $10.50 per share, down from the previous analyst consensus of $10.63. The company also adjusted its revenue forecast to between $21.8 billion and $22.2 billion, compared to the consensus estimate of $21.93 billion.
Christopher E. Kubasik, Chair and CEO, commented on the results: "We’re building on our momentum with a strong start to the year, driven by solid operational execution and program performance, leading to continued expansion in adjusted segment operating margin."
The company reported an operating margin of 10.2% and an adjusted segment operating margin of 15.6% for the quarter. L3Harris Technologies also repurchased $569 million of shares and returned nearly $800 million to shareholders through dividends and share repurchases.
Kubasik added, "We are well-positioned to support the new administration’s evolving defense priorities, with strategic partnerships at the core of our Trusted Disruptor strategy."