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L3Harris posts Q2 growth and sets record $42B backlog
Second-quarter net revenue rose to $5.9 billion, operating margin improved 60 basis points, and free cash flow increased 37%.
L3Harris Technologies reported a solid second quarter, with net revenue of $5.9 billion, up 8.4% year over year, and better-than-consensus performance, according to MarketBeat Ratings.
The company attributed strength to multiple segments, with Missile Solutions and Space & Mission leading growth. It also highlighted profitable growth, expanding margins, and robust cash flow, including a 60 basis point improvement in operating margin and a 28% increase in adjusted earnings aided by share buybacks.
L3Harris said free cash flow rose 37% and is expected to remain robust in upcoming quarters. MarketBeat Ratings also noted that L3Harris lifted its quarterly and full-year targets, supported by internal metrics, as new orders increased by $7.3 billion.
Despite the stock’s sell-off and a price drop of 8.5% on the day shown, MarketBeat Ratings pointed to analyst sentiment remaining steady, with a Moderate Buy consensus and no Sell ratings logged among the 15 analysts tracked. It also cited a record $42 billion backlog as a key factor supporting the outlook.