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Globe and Mail
5 hours ago
- Business
- Globe and Mail
L3Harris Beats on Q2 Earnings, Raises '25 Revenue View
L3Harris Technologies, Inc. LHX reported second-quarter 2025 adjusted earnings (from continuing operations) of $2.78 per share, which beat the Zacks Consensus Estimate of $2.48 by 12.1%. The bottom line also increased 15.8% from the year-ago quarter's $2.40. Including one-time items, the company reported GAAP earnings of $2.44 per share, up from $1.92 in the prior-year period. The year-over-year improvement in the bottom line can be attributed to higher revenues as well as operating income. L3Harris Technologies Inc Price, Consensus and EPS Surprise L3Harris Technologies Inc price-consensus-eps-surprise-chart | L3Harris Technologies Inc Quote LHX's Total Revenues L3Harris' revenues totaled $5.43 billion, which beat the Zacks Consensus Estimate of $5.30 billion by 2.3%. The top line also improved 2.4% from the year-ago quarter's $5.30 billion. The year-over-year increase in top line was driven by growth across all segments, primarily from higher volumes, new program ramps and increased international demand. LHX's Segmental Performance Integrated Mission Systems: The segment recorded net revenues of $1.62 billion, down 2.9% year over year. This was due to the divestiture of the company's CAS business in the first quarter of 2025. This segment recorded an operating income of $214 million compared with $200 million in the second quarter of 2024. The segment's operating margin contracted 120 basis points (bps) to 13.2% due to monetization of legacy end-of-life assets, aligned with LHX's transformation and value creation priorities. Space and Airborne Systems: Net revenues from the segment were $1.79 billion, reflecting a year-over-year improvement of 4.3%. The upside was driven by increased FAA volume in its Mission Networks business and higher volume and improved program performance in Airborne Combat Systems business. The segment's operating income improved to $220 million from $215 million in the year-ago quarter. The operating margin, however, contracted 30 bps to 12.3% owing to unfavorable mix. Communication Systems: Net revenues from this segment increased 2.2% to $1.38 billion. This improvement was driven by increased international volume for resilient communication equipment and related waveforms. The unit's operating income improved to $336 million from $329 million in the year-ago quarter. The operating margin remained flat year over year. Aerojet Rocketdyne: This segment reported revenues of $698 million, which improved 10.3% year over year. This rise was driven by increased production volume across key missile and munitions programs and new program ramp-up. The unit's operating income of $93 million improved from $81 million in the second quarter of 2024. The operating margin expanded 50 bps to 13.3% driven by LHX NeXt driven cost savings and a favorable contract resolution. Financial Position of LHX As of June 27, 2025, L3Harris had $482 million in cash and cash equivalents compared with $615 million as of Jan. 3, 2025. The long-term debt as of the same date was $10.98 billion compared with $11.08 billion as of Jan. 3, 2025. The net cash flow from operating activities was $598 million during the first six months of 2025 compared with $650 million in the prior-year period. At the end of the second quarter of 2025, L3Harris' adjusted free cash flow was $502 million compared with $558 million at the end of the second quarter of 2024. LHX 2025 Guidance L3Harris updated its financial guidance for 2025. It now expects to generate approximately $21.75 billion in revenues, higher than its earlier guidance of $21.40-$21.70 billion. The Zacks Consensus Estimate for 2025 revenues is pegged at $21.59 billion, which lies much lower than the company's new guidance. L3Harris expects adjusted earnings to be in the range of $10.40-$10.60 per share, higher than the prior guidance of $10.30-$10.50. The consensus estimate for adjusted earnings is pegged at $10.48 per share, which lies below the mid-point of the company's newly guided range. It currently expects adjusted free cash flow to be around $2.65 billion, higher than the prior guidance of $2.40-$2.50 billion. LHX's Zacks Rank L3Harris currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Recent Defense Releases Lockheed Martin Corporation LMT reported second-quarter 2025 adjusted earnings of $7.29 per share, which beat the Zacks Consensus Estimate of $6.49 by 12.3%. The bottom line increased 2.5% from the year-ago quarter's reported figure of $7.11. Net sales were $18.16 billion, which missed the Zacks Consensus Estimate of $18.56 billion by 2.2%. The top line, however, inched up 0.2% from $18.12 billion in the year-ago quarter. Northrop Grumman Corporation NOC reported second-quarter 2025 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.71 by 6%. NOC's total sales of $10.35 billion beat the Zacks Consensus Estimate of $10.06 billion by 2.9%. The top line also rose 1.3% from $10.22 billion reported in the year-ago quarter. RTX Corporation 's RTX second-quarter 2025 adjusted EPS of $1.56 beat the Zacks Consensus Estimate of $1.45 by 7.6%. The bottom line also improved 10.6% from the year-ago quarter's level of $1.41 due to growth in adjusted operating profit. RTX's second-quarter sales totaled $21.58 billion, which surpassed the Zacks Consensus Estimate of $20.53 billion by 5.1%. The top line also surged a solid 9.4% from $19.72 billion recorded for the second quarter of 2024. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report L3Harris Technologies Inc (LHX): Free Stock Analysis Report RTX Corporation (RTX): Free Stock Analysis Report
Yahoo
11 hours ago
- Business
- Yahoo
Lloyds reports strong growth as UK economic conditions improve
Lloyds bank has reported a strong financial performance in the first half of the year, achieving income growth and showing continued momentum across the business. The FTSE 100 giant, which includes Lloyd's, Halifax and Bank of Scotland recorded a statutory profit after tax increase of £2.5bn, up 4 per cent year on year, with a high underlying profit of £3.6bn. The bank cited the surge in growth to strategic initiatives and enhanced digital capabilities as well improving UK economic conditions. Strengthening household finances and returning business confidence created favourable conditions for growth across the bank's business lines, with a net income of £8.9bn. Increase in lending Lloyd's saw strong growth in lendings and deposits as underlying loans and advances to customers increased by £11.9bn in the first six months to £471bn, while growth across retail rose by £10.1bn. Commercial banking recorded a rise of £1.2bn. Customer deposits also increased by 2 per cent to £493.9bn, while risk-weighted assets increased to £231.4bn, reflecting the impact of strong lending growth. Net interest income remained steady, increasing by 5 per cent to £6.7bn, however operating costs rose by 4 per cent to £4.9bn due to inflationary pressures as well as business growth costs. Further increases were offset by cost savings and continuing cost discipline. Returns for shareholders Group chief executive Charlie Nunn said, 'We have shown sustained strength in our financial performance in the first half of 2025, with income growth, cost discipline and robust asset quality, driving strong capital generation and increased shareholder distributions, with a 15% increase in the interim ordinary dividend,' 'Our strategic progress and sustained strength in our financial performance allows us to re-affirm our 2025 guidance and gives us confidence in our 2026 commitments. It also underpins our delivery of higher, more sustainable returns for our shareholders.' Despite beating analyst expectations, analysts did not change their recommendation, citing the upcoming the upcoming outcome of the Supreme Court hearing into motor finance, with the group putting aside £1,150m to cover remediation costs to date. Zoe Gillespie, wealth manager at RBC Brewin Dolphin, said, 'Lloyds has delivered another strong set of results, with profits and income beating expectations. Despite interest rates being on a downward trajectory, the bank has also managed to strengthen its net interest margin and secure more customer deposits in a competitive UK banking environment,' 'That said, the big unknown remains the enquiry into mis-sold car financing products, and Lloyds is one of the most exposed financial institutions.' Lloyds reaffirmed its 2025 guidance, and announced an increase to its interim dividend, up 15 per cent year on year, while expressing confidence in its 2026 target of delivering more than £1.5bn. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 hours ago
- Business
- Yahoo
Chipotle (CMG) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended June 2025, Chipotle Mexican Grill (CMG) reported revenue of $3.06 billion, up 3% over the same period last year. EPS came in at $0.33, compared to $0.34 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $3.1 billion, representing a surprise of -1.24%. The company delivered an EPS surprise of +3.13%, with the consensus EPS estimate being $0.32. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Chipotle performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Company-operated restaurants at end of period: 3,839 versus 3,846 estimated by 10 analysts on average. Comparable restaurant sales increase: -4% versus the 10-analyst average estimate of -2.8%. Company-operated restaurants opened: 61 versus the five-analyst average estimate of 65. Company-operated restaurants at beginning of period: 3,781 versus 3,781 estimated by three analysts on average. Average restaurant sales - TTM: $3.14 million versus the two-analyst average estimate of $3.14 million. Revenue- Food and beverage: $3.05 billion versus $3.08 billion estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +3.1% change. Revenue- Delivery service: $15.64 million versus the five-analyst average estimate of $16.06 million. The reported number represents a year-over-year change of -14.1%. View all Key Company Metrics for Chipotle here>>> Shares of Chipotle have returned -4.2% over the past month versus the Zacks S&P 500 composite's +5.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chipotle Mexican Grill, Inc. (CMG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data
Globe and Mail
a day ago
- Business
- Globe and Mail
Teledyne's Q2 Earnings & Revenues Beat Estimates, Increase Y/Y
Teledyne Technologies Inc. ( TDY ) reported second-quarter 2025 adjusted earnings of $5.20 per share, which surpassed the Zacks Consensus Estimate of $5.02 by 3.6%. The bottom line also improved 13.5% from $4.58 recorded in the year-ago quarter. Including one time items, the company recorded GAAP earnings of $4.43 per share, up 17.5% from the prior-year period's earnings of $3.77. The year-over-year improvement in the bottom line can be attributed to higher net sales and operating income in the second quarter than the year-ago quarter's reported actuals. Operational Highlights of TDY Total sales were $1.51 billion, which beat the Zacks Consensus Estimate of $1.47 billion by 2.8%. The top line also surged 10.2% from $1.37 billion reported in the year-ago quarter. This improvement can be attributed to higher year-over-year sales recorded in all of its business segments. TDY's Segmental Performance Instrumentation: Sales in this segment increased 10.2% year over year to $367.6 million, driven by higher sales of marine instrumentation due to stronger offshore energy and defense markets. An increase in sales of electronic test and measurement instrumentation also contributed to this unit's sales growth. The adjusted operating income rose 16.5% year over year to $101.6 million. Digital Imaging: Quarterly sales in this division increased 4.3% year over year to $771 million. The jump was due to higher sales of unmanned air systems and commercial infrared imaging components. The adjusted operating income improved 5.4% year over year to $119.6 million. Aerospace and Defense Electronics: Sales in this segment totaled $264.8 million, up 36.2% from the prior-year quarter. The improvement was driven by higher sales of defense electronics. The adjusted operating income increased 16.6% year over year to $66.6 million. Engineered Systems: Revenues in this division rose 3.3% year over year to $110.3 million due to higher sales of engineered products. This segment's operating income increased 61.3% to $12.1 million. Financial Condition of TDY Teledyne's cash and cash equivalents totaled $310.9 million as of June 29, 2025, compared with $649.8 million as of Dec. 29, 2024. Its long-term debt was $2.17 billion at the end of the second quarter of 2025 compared with $2.65 billion as of Dec. 29, 2024. Cash flow from operating activities totaled $226.6 million for the second quarter compared with $318.7 million in the prior-year period. TDY generated free cash flow of $196.3 million, down from $301 million in the prior-year quarter. TDY's Guidance Teledyne expects to generate adjusted earnings in the band of $5.35-$5.45 per share for the third quarter of 2025. The Zacks Consensus Estimate for TDY's third-quarter earnings is pegged at $5.52 per share, higher than the company's guided range. For 2025, Teledyne still expects its adjusted earnings to be in the range of $21.20-$21.50 per share. The Zacks Consensus Estimate for earnings is pegged at $21.45 per share, which lies above the midpoint of the company's guided range. TDY's Zacks Rank Teledyne currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Recent Defense Releases RTX Corporation 's ( RTX ) second-quarter 2025 adjusted earnings per share (EPS) of $1.56 beat the Zacks Consensus Estimate of $1.45 by 7.6%. The bottom line also improved 10.6% from the year-ago quarter's level of $1.41. RTX's second-quarter sales totaled $21.58 billion, which surpassed the Zacks Consensus Estimate of $20.53 billion by 5.1%. The top line also surged a solid 9.4% from $19.72 billion recorded for the second quarter of 2024. Lockheed Martin Corporation ( LMT ) reported second-quarter 2025 adjusted earnings of $7.29 per share, which beat the Zacks Consensus Estimate of $6.49 by 12.3%. The bottom line increased 2.5% from the year-ago quarter's reported figure of $7.11. Net sales were $18.16 billion, which missed the Zacks Consensus Estimate of $18.56 billion by 2.2%. The top line, however, inched up 0.2% from $18.12 billion reported in the year-ago quarter. Northrop Grumman Corporation ( NOC ) reported second-quarter 2025 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.71 by 6%. NOC's total sales of $10.35 billion in the second quarter beat the Zacks Consensus Estimate of $10.06 billion by 2.9%. The top line also rose 1.3% from $10.22 billion reported in the year-ago quarter. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Lockheed Martin Corporation (LMT): Free Stock Analysis Report Northrop Grumman Corporation (NOC): Free Stock Analysis Report RTX Corporation (RTX): Free Stock Analysis Report
Associated Press
a day ago
- Business
- Associated Press
Greene County Bancorp, Inc. Reports Record High Net Income of $31.1 Million for the Fiscal Year Ended June 30, 2025, Announces Plans to Expand into Saratoga County
CATSKILL, N.Y., July 23, 2025 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the 'Company') (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the quarter and fiscal year ended June 30, 2025. Net income for the quarter and fiscal year ended June 30, 2025 was $9.3 million, or $0.55 per basic and diluted share, and $31.1 million, or $1.83 per basic and diluted share, respectively, as compared to $6.7 million, or $0.40 per basic and diluted share, and $24.8 million, or $1.45 per basic and diluted share, for the quarter and fiscal year ended June 30, 2024, respectively. Net income increased $2.6 million, or 38.6%, when comparing the quarters ended June 30, 2025 and 2024, and increased $6.3 million, or 25.7%, when comparing the fiscal years ended June 30, 2025 and 2024. Highlights: Donald Gibson, President & CEO, stated: 'I am pleased to report record high net income for the fiscal year ended June 30, 2025, marking 16 years of the past 17 years that our Company has achieved record earnings. This sustained performance is a testament to our disciplined business model, strong community partnerships and exceptional execution of our team. As we look ahead, we are excited to announce plans to expand into Saratoga County with our first branch in that market area, expanding our geographic footprint from five to six counties within New York State, and further strengthening our position as the leading economic engine of the communities we serve. Additionally, we are honored to be recognized by the Albany Business Review, first as one of the Capital Regions 11 fastest growing large companies, defined as those with revenue exceeding $100.0 million, and second, on July 17, 2025, we ranked as the number one commercial mortgage lender in New York's Capital Region for commercial loan volume in 2024. I believe the distinction reflects our financial strength and our long-term commitment to organic growth that benefits customers, communities and shareholders alike.' Total consolidated assets for the Company were $3.0 billion at June 30, 2025, primarily consisting of $1.6 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.6 billion at June 30, 2025, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $32.5 million for the year ended June 30, 2025 as compared to $25.5 million for the year ended June 30, 2024, an increase of $7.0 million, or 27.1%. Pre-provision net income measures the Company's net income less the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company's reported results, offering an alternative view of the Company's performance and the Company's ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve's recent interest rate cuts. This resulted in a higher net interest margin for the year ended June 30, 2025 as compared to the year ended June 30, 2024. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships. Selected highlights for the quarter and fiscal year ended June 30, 2025 are as follows: Net Interest Income and Margin Credit Quality and Provision for Credit Losses Noninterest Income and Noninterest Expense Income Taxes Balance Sheet Summary Corporate Overview Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit Forward-Looking Statements This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'assume,' 'will,' 'should,' 'could,' 'plan,' and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company's pricing, products and services. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company's annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company's financial performance and could cause the Company's actual results or circumstances for future periods to differ materially from those anticipated or projected. Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For more information, please see our reports filed with the United States Securities and Exchange Commission ('SEC'), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Non-GAAP Measures In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ('SEC') and may constitute 'non-GAAP financial measures' within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations. The above information is preliminary and based on the Company's data available at the time of presentation. Non-GAAP to GAAP Reconciliations The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins. (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company's investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and twelve months ended June 30, 2025 and 2024, 4.44% for New York State income taxes for the three and twelve months ended June 30, 2025 and 2024. The following table summarizes the adjustments made to arrive at pre-provision net income. The above information is preliminary and based on the Company's data available at the time of presentation. For Further Information Contact: Donald E. Gibson President & CEO (518) 943-2600 [email protected] Nick Barzee SVP & CFO (518) 943-2600 [email protected]
