04:46 PM EDT, 10/24/2024 (MT Newswires) -- L3Harris Technologies ( LHX ) late Thursday reported stronger-than-expected third-quarter results as the aerospace and defense technology company benefited from increased demand for communication systems.

Adjusted earnings rose to $3.34 per share for the quarter ended Sept. 27 from $3.19 a year earlier, compared with expectations in a Capital IQ poll that indicated $3.26. Revenue grew 8% to $5.29 billion, just above the Street's $5.28 billion view.

Communication systems' revenue rose 10% to $1.38 billion, driven by demand for communication equipment, related waveforms and night vision devices.

Integrated mission system sales advanced 7% to $1.67 billion, while space and airborne systems' revenue was largely flat at $1.68 billion.

For the current year, L3Harris ( LHX ) now expects adjusted EPS of $12.95 to $13.15, lifting the bottom end of the previous guidance from $12.85. Analysts were modeling $13.04.

The company forecast 2024 revenue between $21.1 billion and $21.3 billion, raising the low end of the prior range from $21 billion. The Street's expectations are for $21.25 billion.

L3Harris ( LHX ) expects to exceed its 2024 cost-savings target of $400 million under a multi-year transformation program launched in 2023, Chief Executive Christopher Kubasik said in a statement.

"As a result, we are updating our 2024 savings target to at least $600 million and now expect to reach the overall target of $1 billion a year early," Kubasik said. "Our pipeline provides opportunity for additional cost savings opportunities to exceed the $1 billion target. All of this gives us confidence to deliver 2026 segment operating margins of at least 16%."

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