L3Harris Technologies 2Q Revenue Up 13%; Costs Weigh on Profit
By Paul Ziobro
L3Harris Technologies posted higher second-quarter revenue on increased demand in all of its segments, while profit fell due to higher costs.
The Melbourne, Fla.-based defense contractor on Wednesday reported a profit of $379 million, or $1.83 a share, for the quarter ended June 30, compared with a profit of $471 million, or $2.42 a share, in the same quarter a year earlier.
Adjusted for certain items, per-share earnings came in at $2.97. Analysts recently polled by FactSet expected $2.94 a share.
Revenue rose 13%, to $4.69 billion, topping analyst estimates for $4.37 billion. Revenue increased 8% for integrated mission systems, 9% for space and airborne systems and 30% for communications systems.
The company said the cost of product sales and services rose to $3.48 billion from $2.91 billion a year earlier.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
July 26, 2023 17:19 ET (21:19 GMT)
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