L3Harris reports growth in maritime business

By Marjorie Censer / July 31, 2020 at 9:55 AM

L3Harris Technologies said today it has seen recent growth in its maritime business, pointing to a new Navy contract win.

Earlier this month, the Navy awarded the company a $35 million deal to design and build a prototype Medium Unmanned Surface Vehicle. The contract included options for up to eight additional MUSVs as well as logistics packages, engineering support and other items.

L3Harris noted in announcing its quarterly earnings today its maritime business "leveraged its investments in innovation to grow its unmanned maritime franchise and was awarded $53 million from a classified customer to support an unmanned surface vehicle program."

Meanwhile, L3Harris said quarterly sales grew 138% as a result of the merger between L3 and Harris to reach $4.4 billion.

L3Harris saw growth in its U.S. defense-related businesses, it said, but that was offset by divesting its airport security and automation business as well as costs related to COVID-19.