L3Harris Technologies reports news on its defense technology portfolio serving space, air, land, sea and cyber missions for national security customers. Updates commonly cover orders, backlog, revenue trends and segment activity across communications, mission systems, propulsion, missiles, sensors, avionics and space systems.
Company announcements also include dividend actions, production-capacity investments, solid rocket motor expansion, space-mission contributions and partnerships involving satellite systems and Earth-observation data infrastructure. Capital-structure news has included financing and registration activity related to the Missile Solutions business, including operations associated with legacy Aerojet Rocketdyne.
L3Harris Technologies (NYSE:LHX) reported Q3 2020 revenue of $4.5 billion, a 0.7% increase year-over-year, with a 4.4% organic growth. GAAP net income fell 1.1% to $430 million, while GAAP EPS rose 4.7% to $1.99. Adjusted EBIT increased 4.2% to $798 million, with a 17.9% margin. Revenue growth was primarily driven by Integrated Mission Systems and Space & Airborne Systems, despite a 16% decline in Aviation Systems due to COVID-19. The company also updated its 2020 guidance, anticipating revenue of ~$18.4 billion and increased EPS projections.
U.S. Special Operations Command has awarded L3Harris Technologies (NYSE:LHX) an $82 million order for the Falcon IV® AN/PRC-167 multi-channel manpack radio. This order is part of a larger $255 million IDIQ contract aimed at enhancing tactical communications. The AN/PRC-167 radio provides advanced capabilities, enabling interoperability with coalition forces and supporting a range of missions. The system is designed for various operational challenges and supports fast software updates for additional features.
L3Harris Technologies (NYSE:LHX) has declared a quarterly cash dividend of 85 cents per share on its common stock. This dividend is payable on December 4, 2020, to shareholders of record by the close of business on November 20, 2020. L3Harris is a leader in aerospace and defense technology, generating approximately $18 billion in annual revenue and employing around 48,000 people globally. The company serves customers in over 100 countries, providing innovative solutions across various domains.
L3Harris Technologies (NYSE:LHX) has been awarded a multi-million dollar contract from the U.S. Army for its Enhanced Night Vision Goggle – Binocular (ENVG-B), which aims to improve soldier situational awareness and mobility. The total program value is $442 million, with initial funding provided under an Other Transaction Authority (OTA). The ENVG-B enhances battlefield imagery and data sharing capabilities, featuring a high-resolution display and augmented reality technology. This contract reinforces L3Harris's role as a key industry partner in defense technology.
L3Harris Technologies (NYSE:LHX) unveiled its new compact team radio at the AUSA Now 2020 event, designed to meet U.S. Army specifications. This single-channel wideband MANET radio is tailored for various military missions, sharing accessories with the AN/PRC-163 Leader Radio. The development took less than a year, showcasing L3Harris's agility in addressing customer needs. With annual revenues of approximately $18 billion, the company continues to innovate in aerospace and defense technologies across multiple operational domains.
L3Harris Technologies (NYSE:LHX) has secured a $193 million contract from the Space Development Agency to develop an end-to-end satellite system to counter advanced missile threats, including hypersonics. The project will run through 2025, focusing on delivering four space vehicles within 24 months. Key components will include wide field-of-view mission payloads, space communication solutions, and inter-satellite optical links. L3Harris is enhancing its investment in satellite technologies and has a robust background in defense-related projects.
L3Harris Technologies (NYSE:LHX) will hold a conference call on October 30, 2020, at 8 a.m. ET to discuss its third quarter financial results for 2020. Investors can join the call by dialing 877-407-6184 (U.S.) or 201-389-0877 (International). For convenience, a live webcast will be available along with a supporting slide presentation on their investor website. A recording of the call will be accessible by 12 p.m. ET on the same day. L3Harris reported approximately $18 billion in annual revenue and serves clients in over 100 countries.