L3Harris Technologies Reports Strong Second Quarter 2024 Results, Increases 2024 Guidance

  • Orders1 of $5.2 billion; book-to-bill of 1.0x
  • Revenue of $5.3 billion, up 13%
  • Operating margin of 9.0%; adjusted segment operating margin1 of 15.6%
  • Diluted earnings per share (EPS) of $1.92; non-GAAP EPS1 of $3.24
  • 2024 revenue guidance range increases from $20.8B - $21.3B to $21.0B - $21.3B
  • 2024 adjusted segment operating margin1 guidance increases from >15% to 15.2% - 15.4%*
  • 2024 Non-GAAP EPS guidance range increases from $12.70 - $13.05 to $12.85 - $13.15*

MELBOURNE, Fla. — (BUSINESS WIRE) — July 25, 2024 — L3Harris Technologies (NYSE: LHX) reported second quarter 2024 diluted EPS of $1.92, on second quarter revenue of $5.3 billion. Second quarter 2024 non-GAAP diluted EPS1 was $3.24, as compared to non-GAAP diluted EPS1 of $2.97 for the second quarter of 2023, a 9% increase. A reconciliation of non-GAAP results are detailed in tables beginning on page 11.

"We delivered another strong quarter of financial results with improved margins, reflecting our commitment to operational excellence and a relentless focus on execution that delivers value to our customers and shareholders," said Christopher E. Kubasik, Chair and CEO.

Kubasik added, "As we celebrate the five year anniversary of the L3 and Harris merger, I'm proud of the progress we've made as the industry's Trusted Disruptor. Our first half results reflect progress toward achieving our 2026 financial framework. We are raising our revenue, margin and EPS guidance for the year, underscoring the tangible results of our LHX NeXt initiative, which is focused on streamlining our operations and enhancing our efficiency while transforming the company."

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

SUMMARY FINANCIAL RESULTS AND 2024 GUIDANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

Year to Date

 

2024 Guidance*

 

 

($ millions, except per share data)

2024

 

2023

 

Change

 

2024

 

2023

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space & Airborne Systems

$

1,707

 

 

$

1,715

 

 

 

 

$

3,458

 

 

$

3,370

 

 

 

 

 

 

 

Integrated Mission Systems

 

1,729

 

 

 

1,735

 

 

 

 

 

3,398

 

 

 

3,435

 

 

 

 

 

 

 

Communication Systems

 

1,346

 

 

 

1,289

 

 

 

 

 

2,640

 

 

 

2,452

 

 

 

 

 

 

 

Aerojet Rocketdyne

 

581

 

 

 

 

 

 

 

 

1,123

 

 

 

 

 

 

 

 

 

 

Corporate eliminations

 

(64

)

 

 

(46

)

 

 

 

 

(109

)

 

 

(93

)

 

 

 

 

 

 

Revenue

$

5,299

 

 

$

4,693

 

 

13

%

 

$

10,510

 

 

$

9,164

 

 

15

%

 

$21.0B - $21.3B

(Prior: $20.8B - 21.3B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space & Airborne Systems

$

215

 

 

$

168

 

 

28

%

 

$

431

 

 

$

355

 

 

21

%

 

 

 

 

Integrated Mission Systems

 

206

 

 

 

162

 

 

27

%

 

 

396

 

 

 

347

 

 

14

%

 

 

 

 

Communication Systems

 

329

 

 

 

325

 

 

1

%

 

 

639

 

 

 

591

 

 

8

%

 

 

 

 

Aerojet Rocketdyne

 

75

 

 

 

 

 

n/a

 

 

147

 

 

 

 

 

n/a

 

 

 

 

 

Unallocated items

 

(349

)

 

 

(255

)

 

 

 

 

(759

)

 

 

(500

)

 

 

 

 

 

 

Operating income

$

476

 

 

$

400

 

 

19

%

 

$

854

 

 

$

793

 

 

8

%

 

 

 

 

Operating margin

 

9.0

%

 

 

8.5

%

 

50 bps

 

 

8.1

%

 

 

8.7

%

 

(60) bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted segment operating income 1

$

825

 

 

$

694

 

 

19

%

 

$

1,613

 

 

$

1,332

 

 

21

%

 

 

 

 

Adjusted segment operating margin 1

 

15.6

%

 

 

14.8

%

 

80 bps

 

 

15.3

%

 

 

14.5

%

 

80 bps

 

15.2% - 15.4%

(Prior: > 15%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate (GAAP)

 

5.9

%

 

 

5.6

%

 

30 bps

 

 

4.1

%

 

 

7.4

%

 

(330) bps

 

 

 

 

Effective tax rate (non-GAAP 1 )

 

12.9

%

 

 

13.3

%

 

(40) bps

 

 

13.0

%

 

 

13.4

%

 

(40) bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EPS

$

1.92

 

 

$

1.83

 

 

5

%

 

$

3.40

 

 

$

3.60

 

 

(6

%)

 

 

 

 

Non-GAAP EPS 1

$

3.24

$

2.97

9

%

$

6.30

$

5.82

8

%

$12.85 - $13.15

(Prior: $12.70 - $13.05)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash from operations

$

754

 

 

$

414

 

 

82

%

 

$

650

 

 

$

764

 

 

(15

%)

 

 

 

 

Adjusted free cash flow 1

$

714

 

 

$

342

 

 

109

%

 

$

558

 

 

$

657

 

 

(15

%)

 

~2.2B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*When we provide our expectation for adjusted segment operating margin, effective tax rate on non-GAAP income, non-GAAP EPS and adjusted free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort due to the unavailability of items for exclusion from the GAAP measure. We are unable to address the probable significance of this information, the variability of which may have a significant impact on future GAAP results. See Non-GAAP Financial Measures on page 7 for more information.


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