L3Harris Technologies reported a record backlog of $53.2 billion for the third quarter, up from $42 billion, as demand for missile defense components keeps growing.
The quarter ended September 30, and the company reported results on October 29 and raised its full-year guidance. Sales excluding acquisitions and divestitures rose 9 percent to $6.1 billion. Earnings per share rose 33 percent to $3.28. The book-to-bill ratio was 3.2.
Chief Executive Sam Mehta said about $11 billion in contractual orders are tied to the PAC-3 and THAAD interceptor programs. He said the Department of War’s solid rocket motor programs are “just getting started.”
L3Harris plans to triple THAAD motor deliveries in 2027 compared with 2026 and to double PAC-3 deliveries, with similar increases on many other programs. The company also supplies the motor for the Sentinel intercontinental ballistic missile.
The shares rose 16 percent in the month to November 10 and closed at $275.17. They remain below the 200-day average of $302.79, and the stock trades at a forward price-to-earnings ratio of 20.65.
Bank of America raised its price target to $375 from $325 and kept a Buy rating. Citi resumed coverage with a Buy rating and a $348 target.
