US-based technology company L3Harris Technologies has reported $4.25bn in revenue in the third quarter (Q3) of 2022, compared to $4.23bn in the same period a year ago.
The company saw a 3% increase in organic revenue owing to growth in all segments, primarily in its Integrated Mission Systems and Communication Systems segments.
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In the three-month period that ended on 30 September 2022, the company’s net (loss) income was $301m, down from $479m reported last year.
Diluted earnings per share (EPS) loss was $1.56 in the third quarter of this year, compared to $2.39 recorded in the previous year’s quarter.
All business units of the defence contractor recorded growth in quarterly revenues.
Space and Airborne Systems’ revenue stood at $1.5bn, up 1% from the previous year. This was attributed to the growth in responsive satellite programmes.
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By GlobalDataThe Integrated Mission Systems segment posted a quarterly revenue increase of 4%, from $1.64bn to $1.71bn.
The company’s Communication Systems recorded revenue of $1.06bn, a 4% jump from the $1.03bn posted a year ago.
L3Harris CEO and chair Christopher Kubasik said: “The combination of increased urgency among government customers and traction with our strategy led to a book-to-bill of nearly 1.2 times in the quarter, which reflects strength across all segments.
“Despite our progress, as well as rising demand, the current backdrop remains a challenge and has contributed to a reduction in our financial guidance for the year.
“Though challenges are ongoing, our team is focused on controlling the controllables such as key customer deliveries, our e3 cost savings programme, employee engagement, and capital allocation.”
L3Harris expects full-year organic revenue to decrease by 2.0% year-on-year.
Earlier this month, the company unveiled a new capability to allow warfighters to stay connected anywhere on the battlefield.
