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New York, April 30, 2021 (GLOBE NEWSWIRE)
With the outbreak of Coronavirus pandemic worldwide resulting in factory shutdowns, many supply chain problems surfaced on a massive level, further creating mayhem among manufacturers and retailers. COVID-19 has also affected the revenue of various key players in the market owing to which, it is estimated that there will be very few new entrants in the market. Despite not being prepared for this hit and the prevailing complexities related to supply chains, companies are embracing new technologies to ease the persisting burden of supply of raw material required for the manufacturing of SONAR systems. Moreover, during the crisis, some of the companies collaborated for new product developments in order to gain upper hand in the SONAR system market.
WASHINGTON (dpa-AFX) - While reporting financial results for the first quarter on Friday, aerospace and defense technology firm L3Harris Technologies, Inc. (LHX) raised its adjusted earnings guidance
Provided by Dow Jones By Dave Sebastian L3Harris Technologies Inc. said its profit for the first quarter rose, though revenue fell due to divestitures and pandemic-related effects. The Melbourne, Fla.-based aerospace and defense company on Friday posted net income of $466 million, compared with $194 million in the year-ago period. Earnings were $2.25 a share, compared with 99 cents a share in the prior year. Adjusted earnings were $3.18 a share. Analysts polled by FactSet were expecting $2.96 a share. Revenue fell 1.3% to $4.57 billion due to divestitures and Covid-19 effects on the company s commercial businesses, it said. Analysts were expecting $4.55 billion. Revenue grew in the company s integrated mission systems, space and airborne systems and communication systems segments, while aviation systems revenue fell due to Covid-related effects.