L3Harris corporate headquarters in Melbourne, Florida. Photo: L3Harris

Space & Airborne Systems and Communication Systems led growth at L3Harris in the first quarter of 2024, contributing to a 17% year-over-year revenue increase. 

L3Harris reported Q1 results on Friday. Company-wide, revenue in the first quarter was $5.2 billion, up 17% with up 5% organically. The revenue increase was primarily from the Aerojet Rocketdyne acquisition, and continued growth in in Space and classified programs within Space & Airborne Systems (SAS) segment and growth from tactical, broadband communication and vision products within the Communication Systems (CS) segment.

Sales in the Space & Airborne Systems in Q1 increased by 6% compared to last year. The company reported growth in Space Systems, and classified program growth in Intel and Cyber. Space & Airborne Systems reported $1.8 million in sales in Q1. 

The company’s Communication Systems segment, which includes satellite terminals, also increased sales in Q1. Sales of $1.3 million were up 11% year-over-year. L3Harris said the increase was due to higher volumes in Tactical Communications, Integrated Vision Systems and Broadband Communications.

“We delivered double-digit top line growth while continuing to drive improvements to operational and program performance,” said CEO Christopher Kubasik. “Given the strength of our first quarter, we are increasing 2024 profitability guidance, while reaffirming revenue and free cash flow commitments.”

L3Harris slightly increased the lower half of its full year 2024 guidance, from $20.7 billion to $21.3 billion, to $20.8 billion to $21.3 billion. The company also increased guidance for non-GAAP earnings per share from $12.40 to $12.80, to $12.70 to $13.05.