L3Harris Technologies Inc (LHX) released its first quarter results on Sunday, May 2, 2021. The company reported net earnings of $2.25 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 127 percent compared to the same period a year ago.
L3Harris Technologies, Inc. was founded in 1895 and is headquartered in Melbourne, Florida. L3Harris Technologies, Inc., an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modifications, and periodic depot maintenance services for ISR and airborne missions.
L3Harris Technologies' revenue increased 15 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 35.14% for the first quarter compared to the same period in the previous year, and operating margins increased to 12.11% over the same period. Net earnings for past trailing twelve months were $1372.0 million, up 5% from the prior year.
Moving on to the balance sheet, L3Harris Technologies' cash levels jumped 47% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 44.95% this past year. The current ratio for L3Harris Technologies now stands at 2.04. The company decreased shares outstanding by 4.58%.
Shares of LHX are currently trading around $209.23. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 32.47 and price to book ratio of 2.13.