L3Harris corporate headquarters in Melbourne, Florida. Photo: L3Harris

L3Harris Space segment saw flat sales in the second quarter of 2024, while the Aerojet Rocketdyne acquisition contributed to revenue growth company-wide. L3Harris reported its second quarter results on July 26. 

Company-wide, revenue was up 13% year-over-year, primarily due to the Aerojet Rocketdyne acquisition. L3 Harris reported revenue of $5.3 billion during the second quarter. 

L3Harris also increased its 2024 revenue guidance range from $20.8 billion to $21.3B billion, to $21 billion to $21.3 billion. 

Revenue in the Space segment was flat year-over-year at $1.7 billion. L3Harris reported that Space Systems has had continued growth, along with growth in classified programs in Intel and Cyber. This is offset by lower volumes in Airborne Combat Systems and divesting the antenna business.  

The Space segment operating margin was 12.6%, an improvement of 280 bps due to a non-cash charge that impacted 2023, and improved operational and program performance. 

L3Harris maintained its guidance for Space of roughly $7 billion in sales in 2024. 

The Communications System segment, which includes satellite terminals, reported $1.3 billion in revenue in the second quarter, up 4% year-over-year. 

L3Harris reported that second quarter revenue increased 4%, primarily from higher volumes in Broadband Communications and increased Department of Defense (DoD) sales in Tactical Communications.

“As we celebrate the five year anniversary of the L3 and Harris merger, I’m proud of the progress we’ve made as the industry’s Trusted Disruptor. Our first half results reflect progress toward achieving our 2026 financial framework,” CEO Chris Kubasik commented. “We are raising our revenue, margin and EPS guidance for the year, underscoring the tangible results of our LHX NeXt initiative, which is focused on streamlining our operations and enhancing our efficiency while transforming the company.”