A defense contractor, L3Harris Technologies (LHX.N), exceeded third-quarter earnings projections on Thursday due to increased military spending worldwide and geopolitical unrest.
Following its acquisition of Aerojet in July, L3Harris increased its yearly revenue and earnings projections to include the manufacturer of rocket engines.
Shoulder-fired missiles, artillery, and other weapons are being replenished due to the ongoing conflict in Ukraine, giving American military corporations lucrative contracts with the Pentagon.
Demand is still strong despite a more dangerous climate, according to Christopher Kubasik, CEO of L3Harris.
Having previously provided guidance of between $18.0 billion and $18.3 billion on earnings of $12.25 to $12.55 per share, the defense contractor now forecasts full-year sales between $19.2 billion and $19.4 billion on earnings of $12.25 to $12.45 per share.
$5.01 billion worth of orders were given to L3Harris during the quarter ending September 29.
The Florida-based business reported an adjusted profit per share of $3.19, above analysts’ $3.03 average forecast. LSEG data shows that revenue increased by 16% to $4.92 billion, above estimates of $4.76 billion.