(Reuters) - L3Harris ( LHX ) raised the lower end of its annual profit and revenue forecasts on Thursday, betting on sustained weapons demand and robust defense spending amid escalating global security concerns.

Shares rose 3.6% after the bell.

Geopolitical tensions have benefited arms manufacturers such as Lockheed Martin ( LMT ) , RTX, and Northrop Grumman ( NOC ), all of which also raised their 2024 earnings forecasts.

The company now expects 2024 adjusted profit to range between $12.95 to $13.15 per share, up from its previous estimate ranging $12.85 - $13.15 per share.

Revenue for the year is now expected to range between $21.1 billion to $21.3 billion, up from its previous forecast range of $21.0 billion to $21.3 billion.

The ongoing war in Ukraine has fueled strong demand for U.S. weaponry globally, with nations actively negotiating and striking deals to acquire arms and seeking to expedite ongoing contracts.

L3Harris ( LHX ) and Northrop are the top two companies that supply sought-after rocket motors, used in guided multiple-launch rocket systems, which have played a crucial role in supporting Ukraine's defense efforts against Russian forces.

For the quarter ended September 27, L3Harris ( LHX ) posted adjusted profit of $3.34 per share, beating analysts' estimates of $3.26 per share, according to LSEG compiled data.

The Florida-based company's overall quarterly sales rose 8% to $5.29 billion, compared with analysts' estimate of $5.28 billion.