L3Harris reports strong fourth quarter performance and raises cost-savings target

L3Harris Technologies has announced solid financial results for the fourth quarter of 2024, reporting revenue of $5.5 billion and diluted earnings per share (EPS) of $2.37. On a non-GAAP basis, the company posted diluted EPS of $3.47, reflecting improved operational efficiencies and business growth.

The defence and aerospace technology company highlighted a record backlog of $34 billion, reinforcing strong demand across multiple domains. Chairman and CEO Christopher E. Kubasik attributed this success to L3Harris’ ability to align with customer priorities and adapt to changing industry needs.

A key achievement in 2024 was the success of the LHX NeXt initiative, which enabled the company to surpass its cost-saving target by achieving $800 million in reductions. As a result, L3Harris has now raised its overall savings goal to $1.2 billion by the end of 2025, a year earlier than originally planned.

Looking ahead to 2025, Kubasik expressed confidence in the company’s continued momentum, citing strong bookings, a growing pipeline of opportunities, and international expansion. He reiterated L3Harris’ commitment to meeting its 2026 financial targets and maintaining a focus on shareholder value.

L3Harris, known for its rapid adaptability in the defence sector, aims to sustain profitable growth while delivering mission-critical solutions for its customers. The company remains committed to innovation, efficiency, and operational transformation as it navigates the evolving industry landscape.