L3Harris says it's narrowing its independent research and development focus

The chief executive of L3Harris Technologies said today the company has cut the number of projects it's funding with independent research and development dollars to focus on promising technologies.

In a call with analysts today, Bill Brown said the company is dedicating about 3.6% to 3.8% of revenue to IRAD.

"We've reduced the number of projects by about 30%," he said, noting the company has sought to focus on the technologies it thinks will offer the best returns.

Additionally, Brown said L3Harris is seeking to make sure it's using the funding efficiently.

"We've got good opportunities to drive operational excellence skills into the way we develop products," he said.

Brown told analysts he doesn't see the total percentage dedicated to IRAD growing.

"I don't see it stepping up materially," he said. "It'll come up with revenue in terms of a dollar perspective, but I think we're spending a healthy amount on R&D."

Meanwhile, L3Harris Technologies said today sales in its most recent quarter totaled almost $4.5 billion, essentially flat from the same three-month period a year earlier.

The contractor's quarterly profit hit $430 million, down 1% from the prior year.