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L3Harris Technologies Shares Drop 11% After Strong Q2 Results and Missile IPO Delay
L3Harris Technologies reported robust second‑quarter 2026 earnings, posting revenue of $5.9 billion, an 8% year‑over‑year increase, and diluted earnings per share of $3.13, up 28% from the prior period. The company’s order backlog rose to a record $42 billion and it raised its full‑year guidance to $23.2‑$23.7 billion in revenue and $11.80‑$12.00 in EPS.
Despite the strong financials, the stock fell 11% in Thursday trading, sliding to $264.64 per share while the broader market rose. The decline was attributed to L3Harris’s announcement that it is postponing the planned spinoff and initial public offering of its missile business to next year, citing unfavourable market conditions.
In parallel, the Royal Bank of Canada cut its holding in L3Harris, selling 227,693 shares and reducing its stake to 477,606 shares, about 0.26% of the company and valued at roughly $165 million.
Entities
Christopher Kubasik · L3Harris Technologies · Royal Bank of Canada
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] L3Harris delayed the spinoff and IPO of its missile business to next year, citing market conditions. www.fool.com
- [○ 1 SOURCE] Diluted earnings per share for L3Harris in Q2 2026 were $3.13, a 28% increase. www.l3harris.com
- [○ 1 SOURCE] L3Harris raised its full‑year 2026 revenue guidance to $23.2‑$23.7 billion and EPS guidance to $11.80‑$12.00. www.fool.com
- [○ 1 SOURCE] Royal Bank of Canada sold 227,693 L3Harris shares, reducing its stake to 477,606 shares (0.26% of the company) valued at $164.8 million. www.marketbeat.com
- [○ 1 SOURCE] L3Harris shares fell 11% in Thursday trading, reaching $264.64 per share. www.fool.com
- [○ 1 SOURCE] The S&P 500 rose 0.8% on the day L3Harris shares dropped 11%. www.fool.com
- [○ 1 SOURCE] L3Harris's order backlog grew to a record $42 billion. www.l3harris.com
- [○ 1 SOURCE] L3Harris Technologies reported second‑quarter 2026 revenue of $5.9 billion, up 8% year‑over‑year. www.l3harris.com