Trump has begun another trade war. Here's a timeline of how we got here
Canada's leader laments lost friendship with US in town that sheltered stranded Americans after 9/11
Chinese EV giant BYD's fourth-quarter profit leaps 73%
You're an American in another land? Prepare to talk about the why and how of Trump 2.0
Chalk talk: Star power, top teams and No. 5 seeds headline the women's March Madness Sweet 16
Purdue returns to Sweet 16 with 76-62 win over McNeese in March Madness
(Reuters) - U.S. defense contractor L3Harris said on Tuesday it would suspend its merger and acquisition activity for the "foreseeable future" to strengthen balance sheet and forecast full-year revenue above analysts' estimates.
The company said it expects revenue at around $21 billion for 2024. Analysts on average were expecting about $19 billion, according to LSEG data.
The company also outlined its capital deployment priorities for two years from 2024 which include investments in research and development and debt payment, and utilize excess cash for dividend increases and share buybacks.
The company in its most recent quarter had total liabilities of $23.58 billion, as per LSEG data.
Two weeks ago, L3Harris divested its commercial aviation solution business for $800 million. The company said on Tuesday it will use the proceeds from the transaction to repay debt.
On Monday, L3Harris' board appointed an ad-hoc committee to review the company's operational performance, cost structure, and portfolio composition. It also named ex-Cooper Industries CEO Kirk Hachigian and former RTX Corp chief William Swanson to the board.
Earlier this year, L3Harris in a highly contested deal acquired rocket engine maker Aerojet Rocketdyne for $4.7 billion to tap into rising demand for missiles and defense systems.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Maju Samuel)
