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L3Harris Technologies beats results estimates on robust weapons demand

Defense contractor L3Harris Technologies beat third-quarter earnings estimates on Thursday, on the back of rising global military budgets amid geopolitical tensions.

L3Harris, which completed its deal to acquire Aerojet in July, also raised its annual forecasts for revenue and earnings to include the rocket engine maker.

The ongoing war in Ukraine has prompted restocking arms and ammunition such as shoulder-fired missiles, artillery and other weaponry, providing US defence companies with lucrative Pentagon contracts.

Demand remains robust amid a heightened threat environment, said L3Harris CEO Christopher Kubasik.

The defence contractor now projects full-year revenue between US$19.2 billion and US$19.4 billion on earnings of US$12.25 to US$12.45 per share, compared with previous guidance of between US$18.0 billion and US$18.3 billion on earnings of US$12.25 to US$12.55 per share.

Orders awarded to L3Harris amounted to US$5.01 billion in the quarter through Sep 29.

The Florida-based company posted an adjusted profit of US$3.19 per share, ahead of analysts average estimate of US$3.03.

Revenue grew 16 per cent to US$4.92 billion, beating expectations of US$4.76 billion, as per LSEG data.

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