MELBOURNE, Fla. - L3Harris Technologies (NYSE:LHX), a defense contractor, announced an increase in its quarterly cash dividend, marking the company's 23rd consecutive annual dividend rise. The Board of Directors has approved a dividend of $1.16 per share for the first quarter, up from the previous $1.14. This increment adjusts the annualized dividend rate from $4.56 to $4.64.
Shareholders of record by the close of business on March 8, 2024, will be eligible for the dividend, which is scheduled for payment on March 22, 2024. Christopher E. Kubasik, Chair and Chief Executive Officer of L3Harris, cited the anticipated growth in free cash flow and alignment with the company's capital deployment priorities as the basis for this increase.
L3Harris Technologies positions itself as a "Trusted Disruptor" in the defense industry, focusing on delivering comprehensive technology solutions that span various domains including space, air, land, sea, and cyber, all in the interest of national security. The company employs around 50,000 people who work towards addressing the mission-critical needs of their customers.
Investors are cautioned that the future declaration and amount of dividends are subject to a range of factors, including the company's financial health, capital needs, cash flow, operational results, and future business prospects. There is no guarantee that L3Harris will continue to increase its cash dividend rate in the future.
This information is based on a press release statement from L3Harris Technologies.
InvestingPro Insights
Amid the announcement of L3Harris Technologies' (NYSE:LHX) dividend increase, the company's financial strength and market performance remain a focal point for investors. With a robust market capitalization of $40.57 billion and a forward-looking P/E ratio of 23.31, L3Harris showcases its significant presence in the Aerospace & Defense industry. This valuation reflects the company's consistent profitability and the confidence of market participants in its operational capabilities.
An InvestingPro Tip worth noting is that L3Harris has raised its dividend for 22 consecutive years, demonstrating a commitment to returning value to shareholders. Moreover, the company has maintained dividend payments for an impressive 53 consecutive years, reinforcing its reputation for financial stability and reliability.
InvestingPro Data also highlights that L3Harris has experienced a revenue growth of 13.81% over the last twelve months as of Q1 2023. This growth is indicative of the company's successful expansion and the increasing demand for its technology solutions in the defense sector. Additionally, the company's gross profit margin stands at 26.33%, underlining its ability to maintain profitability amidst various market conditions.
For investors seeking deeper insights and additional metrics, there are over 10 more InvestingPro Tips available for L3Harris, including expectations on net income growth and analysts' earnings revisions. To explore these valuable insights, consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/LHX.
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