Defense supplier L3Harris raises annual forecasts on sustained demand

Oct 30 (Reuters) – U.S. defense contractor L3Harris Technologies raised its annual revenue and profit forecasts on Thursday, after topping Wall Street estimates for third-quarter earnings, helped by strong demand on the back of rising geopolitical tensions. L3Harris and its competitors have benefited from the global rise in defense spending amid the Russia-Ukraine war and unabated tensions in the Middle East. The company, known for its military communication systems and missile interceptors, expects full-year revenue of $22 billion, up from a previous forecast of $21.75 billion. It lifted its annual profit forecast to a range of $10.50 to $10.70 per share, compared with the prior expectation of $10.40 to $10.60 per share. Shares of L3Harris rose about 1% in premarket trading following the results. The company's profit came in at $2.70 per share for the quarter ended September 30, topping analysts' average expectation of $2.58, according to data compiled by LSEG. Its quarterly revenue grew to $5.66 billion, beating estimates of $5.52 billion. (Reporting by Nandan Mandayam in Bengaluru; Editing by Shreya Biswas)

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