L3Harris Technologies Inc LHX shares are trading lower in Thursday’s after-hours session after the company reported worse-than-expected financial results.
L3Harris reported third-quarter revenue of $4.25 billion, which missed average analyst estimates of $4.53 billion, according to Benzinga Pro. The company reported quarterly earnings of $3.26 per share, which missed average estimates of $3.51 per share.
“When I reflect on this past quarter, I’m reminded of the movie title “The Good, the Bad and the Ugly.” Our strategy is sound and we’re winning, we’re reducing our guidance for the year and external factors continue to challenge our business,” said Chris Kubasik, chair and CEO of L3Harris.
“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.”
L3Harris expects full-year revenue to be approximately $16.8 billion versus average estimates of $17.39 billion. The company expects full-year adjusted earnings to be between $12.75 and $13 per share versus average estimates of $13.48 per share.
LHX Price Action: L3Harris has a 52-week high of $279.71 and a 52-week low of $206.04.
The stock was down 8.14% in after-hours at $232.27 at the time of writing.
Photo: Fort Drum from Flickr.
Image and article originally from www.benzinga.com. Read the original article here.