L3Harris Reports First Quarter 2020 Results and Updates Outlook

The comparison to prior-year GAAP segment operating results is not meaningful because this segment is almost entirely comprised of former L3 businesses. On a pro forma basis, revenue was up 1% as growth in Maritime was mostly offset by prior-year strength in Electro Optical, and ISR was relatively steady. Operating income increased 22% to $201 million, and margin expanded 260 bps versus prior-year pro forma to 14.7%, driven by operational excellence and integration benefits.

ISR order momentum continued with over $800 million in orders across the Big Safari fleet, including $268 million for aircraft modification, training and sustainment for the Rivet Joint reconnaissance aircraft, strengthening the company's position as partner of choice for aircraft missionization with the U.S. Air Force.

Domestic and international demand for L3Harris electro-optical systems remained strong as continued funding support for the U.S. Army's Shadow UAV program led to a $35 million order for WESCAM sensor suites, bringing funding-to-date to $78 million against a $454 million sole-source IDIQ. Additionally, the company reinforced its incumbency with international customers, receiving $76 million in orders for electro-optical systems from several NATO allies and Middle East customers.

In addition, the company extended its long-standing position as Canada's premier in-service support integrator, and received over $100 million in awards from the Canadian Department of National Defence for fleet maintenance and sustainment solutions in support of CF-18 and CP-140 aircraft.

In Maritime, the company leveraged its expertise in power systems and was awarded contracts for $124 million and $75 million on the Virginia class and Columbia class submarines, respectively.

This order momentum resulted in a segment funded book-to-bill of 1.37 for the quarter and 1.09 since the merger.

Space and Airborne Systems

 

 

 

 

 

 

 

 

 

($ millions)

First Quarter

 

 

 

1Q20

 

1Q19

 

Change

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

Revenue

$

1,192

 

 

$

956

 

 

25%

 

 

Operating income

$

221

 

 

$

174

 

 

27%

 

 

Operating margin

18.5

%

 

18.2

%

 

30bps

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

Revenue

$

1,192

 

 

$

1,112

 

 

7%

 

 

Operating income

$

221

 

 

$

198

 

 

12%

 

 

Operating margin

18.5

%

 

17.8

%

 

70bps

 

 

 

 

 

 

 

 

 


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