William Brown, CEO of L3Harris Technologies and former Wash100 awardee, has said the company is making progress in its technology development and expansion efforts despite experiencing disruptions amid the COVID-19 pandemic, Florida Today reported Friday.
L3Harris expects its 2020 revenue to increase by 3 to 5 percent to $18.3B to $18.6B, according to the report. The new projection is lower than the company’s May 2020 forecast which estimated a 5 to 7 percent increase in revenue.
The company attributes the decline to reduced air traffic activity and impacts to the flight training and commercial aviation markets. The decrease additionally reflects lowered public-safety demands and risks of supply-chain disruptions, the report states.
However, Brown noted that L3Harris expects to expand its workforce by an additional 100 employees in Florida’s Space Coast over the next year.
According to Florida Today, the company has contributed to the rise in local employment to 7.6K following the merger of L3 technologies and Harris which closed in July 2019.
Brown added that L3Harris is “paying a lot of attention to our supply base” following its efforts to accelerate $100M in payments to suppliers. L3Harris has made over $200M in accelerated payments to date, the report noted.