Exclusive: US defense contractor L3Harris to cut 5% of workforce to save costs, email shows [Reuters]
L3Harris Technologies, Inc. (LHX)
Last l3harris technologies, inc. earnings: 2/4 06:30 am
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Source: Reuters
, opens new tab will cut 5% of its workforce this year as part of a cost saving measure, CEO Chris Kubasik said in an email to employees seen by Reuters on Tuesday. The cuts represent about 2,500 of the roughly 50,000 employees the company had as of the end of last year, according to its annual filing. L3Harris is set to report its first-quarter results on Thursday. The cuts are not evenly distributed but aim to eliminate redundancies across all functions at the company, a person familiar with the situation said, adding the reductions did not necessarily focus on the Aerojet Rocketdyne divison, which L3Harris acquired for $4.7 billion in December 2022. Mergers often generate layoffs because companies cull jobs that are deemed duplicative. L3Harris is "right-sizing" its workforce as part of a streamlining in operations to deliver on its LHX NeXt commitment of $1 billion in cost savings over the next three years, a company spokesperson said in a statement, without confirming th
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LHX
News
- L3Harris: Q1 Beat And Raise Confirms Top Pick [Seeking Alpha]Seeking Alpha
- Is L3Harris Technologies (LHX) Stock Outpacing Its Aerospace Peers This Year? [Yahoo! Finance]Yahoo! Finance
- L3Harris Technologies, Inc. (NYSE: LHX) had its price target raised by analysts at JPMorgan Chase & Co. from $240.00 to $250.00. They now have an "overweight" rating on the stock.MarketBeat
- L3Harris Technologies Insiders Sold US$3.0m Of Shares Suggesting Hesitancy [Yahoo! Finance]Yahoo! Finance
- L3Harris Technologies, Inc. (NYSE:LHX) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
LHX
Earnings
- 4/25/24 - Beat
LHX
Sec Filings
- 5/1/24 - Form S-8
- 4/26/24 - Form 10-Q
- 4/25/24 - Form 8-K
- LHX's page on the SEC website