Overview
- L3Harris, which disclosed late Wednesday it had confidentially filed a draft S-1, is preparing an IPO of its Missile Solutions business pending SEC review and market conditions.
- The company topped first-quarter estimates with $5.74 billion in revenue and earnings of $2.72 per share, and it raised its 2026 adjusted EPS outlook to a range of $11.40 to $11.60.
- Missile Solutions generated about $990 million in Q1 sales, up 18% year over year, while Space and Mission Systems rose 24% to $2.99 billion on stronger intelligence, surveillance and reconnaissance production.
- A January agreement with the Defense Department provides $1 billion to speed output of solid rocket motors used in missiles such as Tomahawk cruise missiles and Patriot air defense interceptors.
- Defense demand has increased as the Pentagon restocks after recent conflicts, and the offering’s size and price will be set once regulatory review is complete and market conditions are favorable.