US-based technology company and defence contractor L3Harris Technologies reported a 1.3% year-on-year drop in revenue in Q1 2021.
In the first three months of the year, the company posted a quarterly revenue of $4.57bn. The figure was $4.63bn in the same period a year ago.
The drop was attributed to divestitures and Covid-related impacts within the commercial businesses.
However, L3Harris’ net income in the quarter jumped 140% from $194m to $466m on a year-on-year basis.
Adjusted EBIT was $862m, an increase of 6.7% compared to previous year.
The company’s all segments with the exception of Aviation Systems posted growth in quarterly revenues.
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The Integrated Mission Systems segment recorded a quarterly revenue of $1.45bn, a jump of 5.9% compared to the corresponding quarter in the previous year.
The Space and Airborne Systems, and Communication Systems posted a revenue growth of 3.7% and 1.6%, respectively, at $1.2bn and $1.1bn.
Aviation Systems posted a quarterly revenue of $814m in the first three months of 2021. The figure represents a 19% drop on a year-on-year basis.
L3Harris Technologies chair and CEO William M. Brown said: “Our first quarter results demonstrate continued strong execution by the L3Harris team in spite of the pandemic, which provides us confidence in delivering on our increased guidance for the year.
“Our ability to perform exceptionally, along with the differentiated capabilities highlighted at our Investor Briefing, position us to continue creating value for all stakeholders over the long term.”
The company did not change its revenue outlook for 2021 and expects it to be in the range of $18.5bn-$18.9bn, achieving a 3%-5% organic growth excluding the impact of divestitures.