L3Harris Technologies (NYSE:LHX) Announces Earnings Results

L3Harris Technologies (NYSE:LHX - Get Rating) issued its quarterly earnings results on Thursday. The company reported $2.86 EPS for the quarter, missing analysts' consensus estimates of $2.87 by ($0.01), Briefing.com reports. The company had revenue of $4.47 billion during the quarter, compared to analysts' expectations of $4.26 billion. L3Harris Technologies had a return on equity of 13.20% and a net margin of 6.22%. The business's quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.12 EPS. L3Harris Technologies updated its FY23 guidance to $12.00 to $12.50 EPS and its FY 2023 guidance to $12.00-$12.50 EPS.

Communication Systems Facts:

Revenue increased 21%, and 12% organically.

• $106 million in Broadband Communications, principally from the Tactical Data Links (TDL) acquisition
• $101 million in Tactical Communications and $38 million in Public Safety, from higher volumes driven by improved electronic component availability
• Offset by $36 million in Integrated Vision Solutions from program execution

Operating income increased $37 million:

• Higher volumes, including the TDL acquisition
• Partially offset by program execution in Integrated Vision Solutions