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Investing.com – L3Harris Technologies stock (NYSE:LHX) fell 3.5% in Monday’s premarket trading after fourth-quarter revenue fell short of expectations and the defense contractor gave a muted outlook.
Fourth-quarter revenue fell 7% year-on-year, to $4.4 billion. Revenue in aviation systems fell 37%. Revenue in communication systems fell 11%.
Aviation and communication systems contributed 43% of the company’s revenue in the fourth quarter 2020 but the sale of businesses, delayed awards and supply chain constraints meant lower revenue in the two verticals. Their share in the total fourth-quarter revenue of the company fell to less than 36%, an erosion of more than 7 percentage points in a year.
Orders in the year gone by topped $18 billion.
The company is now guiding for a 2022 revenue of $17.5 billion at the midpoint of its range with organic growth at 2%. Adjusted profit per share is seen $13.50 at the center of its guidance range compared to $12.95 in 2021.
Adjusted EPS in the fourth quarter was $3.30 and beat estimates.
