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    Douglas HarnedBernstein

    Douglas Harned is a Senior Analyst and Managing Director at Bernstein, specializing in aerospace and defense equity research with deep sector expertise developed over decades in the industry. He actively covers major companies including Lockheed Martin, Northrop Grumman, Boeing, Raytheon, and Virgin Galactic, and is recognized for maintaining rigorous valuation models and issuing performance-based ratings such as the Sell rating on Virgin Galactic due to financial concerns. Harned began his Wall Street analyst career after significant industry experience and has been with Bernstein since the 2000s, consistently recognized for detailed research and industry insight. He holds relevant FINRA registrations and securities licenses, positioning him as a leading authority in aerospace equity research.

    Douglas Harned's questions to L3Harris Technologies Inc (LHX) leadership

    Douglas Harned's questions to L3Harris Technologies Inc (LHX) leadership • Q4 2024

    Question

    Douglas Harned questioned the Communications Systems (CS) segment's 2025 margin guidance of below 25%, given positive drivers like software sales, exports, and LHX NeXt savings.

    Answer

    CFO Kenneth Bedingfield stated the guidance reflects a risk-adjusted view early in the year and the fluctuating mix between U.S. DoD and international sales, which impacted Q4 margins. CEO Christopher Kubasik added that while the segment is seeing more system-level opportunities, it also faces the highest supply chain inflation pressure, which must be offset.

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