L3Harris Technologies, Inc. reported significant financial performance for the quarter and three quarters ended September 27, 2024, reflecting robust growth and strategic developments. The company achieved revenue of $5,292 million for the quarter, an 8% increase from $4,915 million in the same quarter of the previous year. For the three quarters, revenue rose 12% to $15,802 million from $14,079 million. This growth was primarily driven by the acquisition of Aerojet Rocketdyne (AJRD), which contributed $141 million in revenue for the quarter and $1,264 million for the three quarters.
Operating income for the quarter increased to $495 million, up from $479 million, while for the three quarters, it rose to $1,349 million from $1,272 million. Net income for the quarter was $404 million, compared to $382 million in the prior year, although net income for the three quarters decreased slightly to $1,056 million from $1,072 million. Basic and diluted earnings per share for the quarter were $2.11 and $2.10, respectively, reflecting increases from $2.02 in the previous year.
The company’s gross margin also improved, reaching $1,419 million for the quarter and $4,127 million for the three quarters, compared to $1,307 million and $3,660 million, respectively, in the prior year. However, general and administrative (G&A) expenses rose significantly, with a $96 million increase for the quarter and a $390 million increase for the three quarters, largely due to costs associated with the LHX NeXt initiative and higher amortization of acquisition-related intangibles.
L3Harris continued to manage its debt effectively, with total long-term debt at $11,093 million as of September 27, 2024, down from $11,160 million at the end of the previous fiscal year. The company issued $2.25 billion in new long-term fixed-rate debt in March 2024 to refinance existing obligations and also established a new $1.5 billion revolving credit facility.
Strategically, L3Harris completed the acquisition of AJRD on July 28, 2023, for a total net purchase price of $4,715 million, which has been integrated into the company’s financial results. The acquisition is expected to enhance L3Harris's capabilities in the aerospace and defense sectors. Additionally, the company is in the process of divesting its CAS Disposal Group, with a pending sale valued at $700 million.
Overall, L3Harris's performance reflects a strong operational foundation, bolstered by strategic acquisitions and a focus on cost management, despite challenges in G&A expenses and slight declines in net income for the year-to-date period.
About L3HARRIS TECHNOLOGIES, INC. /DE/
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