L3Harris Reaffirms Guidance After CEO Ouster, Shares Fall 4.6%

Published Aug 20, 01:08 AM UTC

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L3Harris Technologies (LHX) shares fell 4.6% on August 17 after abruptly replacing Chairman and CEO Christopher Kubasik following a board investigation into conduct inconsistent with company values. The company reaffirmed its 2026 outlook for revenue, organic growth, segment operating margin, GAAP EPS, and free cash flow, and stated the matter was unrelated to financial reporting or operational performance. Sam Mehta, who joined L3Harris in 2023 and oversaw segments representing over 80% of revenue, was named president and CEO. The company reported a record $42 billion backlog and strong Q2 results. Analysts noted the selloff reflects governance uncertainty rather than operational risk, though Kubasik's prior dismissal from Lockheed Martin for a similar issue raised oversight questions.

Source

Yahoo FinanceWestern

Original headline: L3Harris (LHX) Reaffirmed Guidance After Replacing Its CEO. Why Did Shares Fall 4.6%?

Original language: EN-US

Part of this Story

L3Harris Ousts CEO Chris Kubasik Over Code of Conduct Violation

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Lockheed Martin