In its upcoming report, L3Harris (LHX) is predicted by Wall Street analysts to post quarterly earnings of $2.34 per share, reflecting a decline of 23.5% compared to the same period last year. Revenues are forecasted to be $5.26 billion, representing a year-over-year increase of 0.9%.

The consensus EPS estimate for the quarter has undergone a downward revision of 1.8% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

In light of this perspective, let's dive into the average estimates of certain L3Harris metrics that are commonly tracked and forecasted by Wall Street analysts.

The consensus estimate for 'Revenue- Space and Airborne Systems' stands at $1.73 billion. The estimate indicates a year-over-year change of -1%.

According to the collective judgment of analysts, 'Revenue- Aerojet Rocketdyne' should come in at $565.24 million. The estimate suggests a change of +4.3% year over year.

Based on the collective assessment of analysts, 'Revenue- Integrated Mission Systems' should arrive at $1.70 billion. The estimate points to a change of +1.9% from the year-ago quarter.

The consensus among analysts is that 'Revenue- Communication Systems' will reach $1.31 billion. The estimate points to a change of +1.3% from the year-ago quarter.

Analysts expect 'Segment operating income- Aerojet Rocketdyne' to come in at $68.60 million. Compared to the present estimate, the company reported $72 million in the same quarter last year.

It is projected by analysts that the 'Segment operating income- Communication Systems (CS)' will reach $318.80 million. Compared to the current estimate, the company reported $310 million in the same quarter of the previous year.

The collective assessment of analysts points to an estimated 'Segment operating income- Space and Airborne Systems (SAS)' of $202.76 million. The estimate compares to the year-ago value of $216 million.

Analysts forecast 'Segment operating income- Integrated Mission System (IMS)' to reach $202.78 million. Compared to the current estimate, the company reported $190 million in the same quarter of the previous year.

View all Key Company Metrics for L3Harris here>>>

Over the past month, shares of L3Harris have returned +4.9% versus the Zacks S&P 500 composite's -5.6% change. Currently, LHX carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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