(Reuters) -U.S. defense contractor L3Harris Technologies raised its annual forecast and beat Wall Street expectations for second-quarter results on Thursday, driven by resilient demand amid rising geopolitical tensions.
Shares of the company rose 2% in premarket trading.
Demand for arms and military equipment has ballooned in the face of a protracted Russia-Ukraine war and tensions in the Middle East, boosting sales at L3Harris and rivals.
The company, which makes solid rocket motors on the anti-tank Javelin missile system, expects about $21.75 billion in annual revenue, up from its prior forecast of between $21.4 billion and $21.7 billion.
It projected an adjusted profit of between $10.40 and $10.60 per share for the year, up from its previous expectation of $10.30 and $10.50.
The company’s adjusted profit of $2.78 per share in the second quarter topped expectation of $2.50, according to data compiled by LSEG.
The defense contractor posted a revenue increase of 2.4% to $5.43 billion, beating estimates of $5.32 billion.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Sriraj Kalluvila)
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