L3Harris Technologies, Inc. (LHX), headquartered in Melbourne, Florida, is a leading global aerospace and defense technology innovator. With a market cap of $39.8 billion, L3Harris provides advanced solutions that support mission-critical operations across air, land, sea, space, and cyber domains. Known for its focus on innovation, operational excellence, and sustainability, L3Harris is set to report its fourth-quarter earnings on Thursday, Jan. 23.
Ahead of the event, analysts expect L3Harris to report a profit of $3.45 per share, up 3% from $3.35 in the year-ago quarter. Moreover, the company has consistently surpassed Wall Street’s adjusted EPS projections in each of the past four quarters.
Its adjusted earnings of $3.34 per share for the last quarter surpassed the consensus estimate by 2.1%. L3Harris's earnings beat was driven by operational efficiencies and robust demand.
For fiscal 2024, analysts expect L3Harris to report an adjusted EPS of $13.09, up 5.9% from $12.36 in fiscal 2023. In fiscal 2025, its adjusted EPS is expected to grow 9.2% to $14.29.
Shares of L3Harris have dropped marginally over the past year, significantly lagging behind the S&P 500 Index’s ($SPX) 26.3% gains and the Industrial Select Sector SPDR Fund’s (XLI) 19.4% returns in the same timeframe.
LHX stock declined by over 3% on Nov. 25 amid reports of a potential cease-fire between Israel and Hezbollah, which put pressure on defense stocks.
Earlier, on Oct. 24, the stock climbed over 3.5% following its strong Q3 earnings results. The company experienced robust demand and achieved a 7.7% year-over-year increase in total revenues, reaching $5.3 billion, driven by strong organic growth. It also raised its 2024 revenue guidance from $21.1 billion to $21.3 billion.
The consensus opinion on LHX stock is moderately bullish, with an overall “Moderate Buy” rating. Out of the 20 analysts covering the stock, 13 recommend a “Strong Buy,” six advise a “Hold,” and one suggests a “Strong Sell.”
LHX's average analyst price target is $274.52, indicating a potential upside of 30.9% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- 2 Natural Gas Stocks to Buy as Cold Weather Creeps Up
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