L3Harris reports 5% increase in second quarter revenue
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L3Harris reports 5% increase in Q2 2021 revenue

04 Aug 2021 (Last Updated August 4th, 2021 15:38)

L3Harris Technologies’ revenue increased from $4.45bn in Q2 2020 to $4.7bn in Q2 2021.

L3Harris reports 5% increase in Q2 2021 revenue
In June, L3Harris expanded its XL platform of Project 25 (P25) radios to include the new XL Extreme 400P. Credit: L3Harris Technologies, Inc.

US-based technology company and defence contractor L3Harris Technologies has reported a 5% year-on-year (YOY) increase in revenue for the second quarter of 2021.

The company posted revenue of $4.7bn in the quarter, compared to $4.45bn in the same period a year ago. On an organic basis, the figure represents a 6.2% growth.

Net income jumped by 49% from $278m in Q2 2020 to $413m in Q2 2021. Earnings per share (EPS) also improved to $2.01 from $1.30.

The strong performance in the quarter was attributed to growth across key end-markets. The company’s all four business segments also recorded growth in quarterly revenues.

The Integrated Mission Systems segment posted a quarterly revenue of $1.49bn, a 12% jump compared to the corresponding quarter in the previous year.

Space and Airborne Systems and Communication Systems registered an increase of 3% and 1.3% respectively.

For Aviation Systems, the figure increased 1.1% from $800m to $809m on a year-on-year basis.

L3Harris Technologies vice-chair and CEO Christopher E. Kubasik said: “We are now at the two-year mark for L3Harris and our second-quarter results demonstrate the merger’s value creation and operating momentum.

“Our accomplishments to date and a continued focus on execution give us the confidence to raise guidance for the year.

“As we look forward, a commitment to our strategic priorities along with our differentiated capabilities position us for further value creation over the long term.”

L3Harris Technologies focuses on providing advanced defence and commercial technologies across air, land, sea, space and cyber domains.

In June, the company unveiled a handheld only radio ‘XL Extreme 400P’ for emergency responder communications in extreme environments.