L3Harris raises full-year guidance on record $53.2 billion backlog

Third-quarter profit rises to $632 million as revenue climbs 7%

L3Harris Technologies raised its full-year guidance after third-quarter profit and revenue topped Wall Street’s expectations, boosted by strength in its space and mission systems division and its missile-solutions business. The defense contractor now projects full-year earnings per share of $12.25 to $12.35, up from $11.80 to $12 previously.

The company also raised its full-year revenue forecast, saying it now expects $23.5 billion to $23.7 billion, up from a prior range of $23.2 billion to $23.7 billion. The updated sales forecast factors in higher projected sales for the space and mission systems unit. Analysts polled by FactSet expect full-year earnings of $11.96 a share on $23.54 billion in revenue.

L3Harris received $19.3 billion in orders in the third quarter, putting its backlog at $53.2 billion. Chief Executive Sam Mehta said the figure marked a record and that the company is seeing consistently strong demand for its capabilities.

“Our priority now is to convert that demand into results,” Mehta said, noting the company will continue to invest in production capacity and capabilities across missiles and missile solutions, space, resilient communications and multi-domain sensing.

Third-quarter profit was $632 million, or $3.28 a share, compared with $462 million, or $2.46 a share, a year earlier. Analysts expected earnings of $2.95 a share.

Revenue rose 7% to $6.06 billion, compared with analyst estimates of $5.92 billion. The company attributed the increase to growth in its space and mission systems division and its missile-solutions business.

Mehta was promoted to chief executive in August after L3Harris ousted Christopher Kubasik as chairman and CEO following an investigation that determined Kubasik violated the company’s code of conduct. The Wall Street Journal reported that multiple women at the company had raised concerns about Kubasik’s behavior, including a formal complaint to human resources made around 2023 that accused him of sexual harassment.

L3Harris has been planning to separate the missile-solutions unit into an independent company but recently postponed those plans to at least mid-2027, citing unfavorable market conditions.