L3Harris (LHX) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - L3Harris reported revenue of $5.3 billion for the quarter ended June 2024, reflecting a year-over-year increase of 12.9% and an EPS of $3.24 compared to $2.97 a year ago [4] Revenue Performance - Corporate eliminations revenue was -$64 million, compared to an estimated -$49.64 million, marking a +39.1% change year-over-year [3] - Revenue from Space and Airborne Systems was $1.71 billion, slightly below the estimated $1.74 billion, with a year-over-year change of -0.5% [3] - Aerojet Rocketdyne revenue was $581 million, compared to an estimate of $595.08 million [3] - Integrated Mission Systems revenue was $1.73 billion, exceeding the estimated $1.66 billion, with a year-over-year change of -0.4% [3] - Communication Systems revenue was $1.35 billion, slightly above the estimated $1.34 billion, reflecting a +4.4% change year-over-year [3] Segment Operating Income - Aerojet Rocketdyne segment operating income was $75 million, surpassing the estimated $70.27 million [3] - Communication Systems segment operating income was $329 million, compared to an estimate of $321.88 million [3] - Space and Airborne Systems segment operating income was $215 million, exceeding the estimated $210.59 million [3] - Integrated Mission Systems segment operating income was $206 million, above the estimated $186.93 million [3] Stock Performance - L3Harris shares have returned +6.1% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [6] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [6]