L3Harris Technologies (NYSE: LHX) posted $4.5 billion in revenue for the first quarter of 2023, up 9 percent from the prior-year period, driven by sales growth across its three business segments.
The company said Thursday profit for the quarter was $339 million, compared to the $475 million a year ago and earnings were $1.76 per share, compared to $2.44 per share in the comparable period last year.
Cash flow from operations grew from $39 million to $350 million, activity L3Harris attributed to less cash usage for net working capital funding.
The company’s integrated mission systems segment recorded a revenue of $1.70 billion, up from $1.66 billion a year earlier. In the same period, L3Harris’ space and airborne systems revenue grew to $1.66 billion from $1.52 billion, while revenue for its communication systems went up to $1.16 billion from $963 million.
L3Harris CEO and three-time Wash100 Award recipient Christopher Kubasik shared the company’s near-term opportunities at an earnings call held Friday.
âWe are well aligned with the priorities in the National Defense Strategy, which is reflected in robust funding and major areas for us, including space and joint force capabilities as well as missiles and munitions given our pending acquisition of Aerojet Rocketdyne,â Kubasik told analysts.
He noted the company was responding to the Federal Trade Commission’s request for additional information about the deal and is still aiming to close the transaction later this year.
The Melbourne, Florida-based company maintained its fiscal 2023 guidance and expects full-year earnings in the range of $12 per share to $12.50 per share, with revenue to amount to around $17.4 billion to $17.8 billion.
L3Harris’ shares opened at $201.12 Friday, higher from the prior close of $198.
