L3Harris Reports First Quarter 2020 Results and Updates Outlook

Revenue for the first quarter increased 168% versus prior-year GAAP due to the post-merger inclusion of L3 operations in operating results and increased 5% versus prior-year pro forma from growth across the businesses. GAAP EPS decreased 51% versus prior-year GAAP primarily due to an impairment of goodwill and other assets and other COVID-19 related charges, amortization of merger intangibles and a less favorable program mix, partially offset by productivity and integration savings. GAAP EPS decreased 43% versus prior-year pro forma, driven by the costs and charges noted above, partially offset by higher volume, strong operational performance and integration savings. Non-GAAP EPS4 increased 21% versus prior-year adjusted pro forma, driven by the favorable factors noted in the prior sentence. Net income margin decreased 990 bps and 490 bps versus prior-year GAAP and pro forma, respectively. Adjusted EBIT4 margin increased 170 bps to 17.5%.

Segment Results

Integrated Mission Systems

 

 

 

 

 

 

 

 

 

($ millions)

First Quarter

 

 

 

1Q20

 

1Q19

 

Change

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

Revenue

$

1,370

 

 

$

14

 

 

n/m

 

 

Operating income

$

201

 

 

$

3

 

 

n/m

 

 

Operating margin

14.7

%

 

21.4

%

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

Revenue

$

1,370

 

 

$

1,362

 

 

1%

 

 

Operating income

$

201

 

 

$

165

 

 

22%

 

 

Operating margin

14.7

%

 

12.1

%

 

260bps

 

 

 

 

 

 

 

 

 

__________________

n/m: Not meaningful

 

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