L3Harris Technologies, Inc.’s stock price plunges to $229.41, marking a significant 5.70% downfall

L3Harris Technologies, Inc. (LHX)

229.41 USD -13.86 (-5.70%) Volume: 2.23M

L3Harris Technologies, Inc.’s stock price currently stands at 229.41 USD, experiencing a decrease of -5.70% this trading session with a trading volume of 2.23M. Despite the recent dip, LHX’s year-to-date (YTD) performance remains positive, boasting an increase of +8.92%.

Latest developments on L3Harris Technologies, Inc.

L3Harris Technologies has seen significant movement in its stock price today following its Q2 earnings report. The company reported a strong second quarter with a 13% increase in revenue and beat EPS estimates, leading to a raise in its 2024 guidance. Despite this positive news, the stock was downgraded by Deutsche Bank, causing it to sink. However, L3Harris remains confident in its future, as evidenced by its raised outlook amid global tensions. The company’s strategic partnerships and advancements in pilot training and tactical radio performance have also contributed to its growth. With revenue hitting $5.3 billion and GAAP EPS at $1.92, investors are closely watching L3Harris Technologies for potential gains.

L3Harris Technologies, Inc. on Smartkarma

Analysts at Baptista Research have been closely monitoring L3Harris Technologies, a major player in national security solutions. In their report titled “L3Harris Technologies: What Is The Story Behind Its International Growth and Expansion?”, the analysts highlighted the company’s strong performance in Q1 2024, with an industry-leading margin expansion of 80 basis points to 15.1%. This positive trend has led to an optimistic outlook for the full-year 2024 margin, EPS, and revenue guidance. The operating income saw a $150 million increase, boosting EPS by 7% to $3.06 per share, mainly driven by segment operating margin performance.

Furthermore, Baptista Research‘s report “L3Harris Corporation: Accelerating Demand in Aerojet Rocketdyne As A Major Growth Catalyst!” delves into the company’s healthy financial results and strong portfolio performance in the fourth quarter of 2023. L3Harris Technologies reported a substantial $23 billion in orders, a record increase, and a doubling of its backlog to $33 billion since the merger. This growth trajectory was supported by key U.S. Army awards and significant progress in satellite awards, indicating a promising future for the company.

A look at L3Harris Technologies, Inc. Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

Based on Smartkarma Smart Scores, L3Harris Technologies shows a promising long-term outlook. With high scores in Value and Dividend, the company is seen as a strong investment option. However, its slightly lower scores in Growth and Resilience may indicate some areas for improvement. Despite this, the company’s Momentum score of 4 suggests a positive trend in its performance. Overall, L3Harris Technologies, Inc. is positioned well in the aerospace and defense technology sector.

L3Harris Technologies, Inc. is known for its innovative solutions in aerospace and defense technology. Specializing in radio communications products and systems, the company serves both defense and commercial markets. With a focus on advanced technologies in air, land, sea, space, and cyber domains, L3Harris Technologies is a key player in the industry. The company’s strong Value and Dividend scores reflect its stability and potential for growth, making it a favorable choice for investors looking for long-term opportunities.

Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
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