WASHINGTON - L3Harris Technologies (NYSE:LHX) has introduced its new autonomous vehicle system, Diamondback (NASDAQ:FANG), designed for reconnaissance and security operations, at a recent industry event. The system was showcased at the Association of the United States Army's annual meeting earlier this week.
The company's expansion into land-based robotic vehicles aims to address the initial engagement with threats in terrestrial environments. According to Ed Zoiss, President of Space and Airborne Systems at L3Harris, the Diamondback prototype emphasizes versatility, mobility, and scalability. Its design leverages a modular and open systems architecture, which facilitates rapid production scaling, reduces costs, and simplifies maintenance, while also accelerating technology integration for evolving missions.
In creating Diamondback, L3Harris seeks to complement existing robotic vehicle classes and offer alternatives to manned vehicles in terms of roles and cost. The company has partnered with Overland AI, which is providing its off-road navigation technology to enhance the Diamondback's mission systems.
L3Harris Technologies positions itself as a "Trusted Disruptor" in the defense sector, focusing on delivering technology solutions that span space, air, land, sea, and cyber domains to uphold national security.
The press release also includes forward-looking statements regarding the capabilities of the Diamondback system and its potential impact on future performance. However, L3Harris notes that these statements are subject to various risks and uncertainties and may not reflect actual future results.
The information for this article is based on a press release statement from L3Harris Technologies.
In other recent news, L3Harris Technologies has witnessed a series of noteworthy developments. The company has been upgraded from Peerperform to Outperform by Wolfe Research due to its strong margin performance and potential for further expansion. Additionally, L3Harris secured a contract potentially worth $587.4 million from the U.S. Navy to provide new tactical jamming pods over the next five years. Despite not winning the High Accuracy Detection and Exploitation System contract from the US Army, Jefferies reiterated a Buy rating for L3Harris.
However, Morgan Stanley downgraded L3Harris's stock from Overweight to Equalweight, citing comparative industry analysis and recent financial developments. L3Harris also reported a 9% increase in non-GAAP earnings per share for the second quarter of 2024, alongside a substantial backlog of $32 billion. The company's CEO, Christopher E. Kubasik, established a trading plan for exercising stock options and selling the corresponding shares. These are the recent developments that investors should be aware of.
InvestingPro Insights
L3Harris Technologies' introduction of the Diamondback autonomous vehicle system aligns with its position as a prominent player in the Aerospace & Defense industry, as highlighted by InvestingPro Tips. This innovation could contribute to the company's expected net income growth this year, another insight provided by InvestingPro.
The company's financial health appears robust, with a market capitalization of $46.8 billion and revenue of $20.77 billion over the last twelve months as of Q2 2023, according to InvestingPro Data. L3Harris has demonstrated strong revenue growth, with a 15.44% increase over the same period, indicating potential for continued expansion in its defense technology offerings.
InvestingPro Tips also reveal that L3Harris has maintained dividend payments for 54 consecutive years and has raised its dividend for 22 consecutive years. This consistent dividend history, coupled with a current dividend yield of 1.87%, may appeal to investors seeking stable income alongside potential growth from innovations like Diamondback.
For investors interested in a deeper analysis, InvestingPro offers 11 additional tips on L3Harris Technologies, providing a comprehensive view of the company's financial position and market performance.
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