L3Harris Reports Second Quarter 2020 Results

The comparison to prior-year GAAP segment operating results is not meaningful because this segment is comprised almost entirely of former L3 businesses. On a pro forma basis, second quarter revenue was up 7.3% from growth in Electro Optical and Maritime, while ISR was largely unchanged due to the timing of aircraft inductions. Second quarter operating income increased 38% to $224 million, and margin expanded 370 bps versus prior-year pro forma to 16.8%, driven by integration benefits, operational excellence and cost management.

Segment funded book-to-bill was 1.19 for the quarter and 1.12 since the merger.

Orders strength in ISR missionization continued with over $380 million in funding across several platforms, including $139 million supporting the Rivet Joint program and $45 million from the U.S. Air Force to upgrade systems for data collection and management during ISR missions.

Domestic and international demand for L3Harris electro-optical systems remained strong with a $380 million single-award IDIQ for WESCAM products in support of global U.S. Army operations and a $33 million order for WESCAM sensor suites supporting the U.S. Army's Shadow UAV program. The company also reinforced its incumbency with international customers, receiving $100 million in orders for electro-optical systems driven by European and Middle Eastern customers.

In Maritime, the company leveraged its investments in innovation to grow its unmanned maritime franchise and was awarded $53 million from a classified customer to support an unmanned surface vehicle program.

Space and Airborne Systems

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ millions)

Second Quarter

 

First Half

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,249

 

 

$

1,019

 

 

23%

 

$

2,441

 

 

$

1,975

 

 

24%

 

 

Operating income

$

235

 

 

$

195

 

 

21%

 

$

456

 

 

$

369

 

 

24%

 

 

Operating margin

18.8

%

 

19.1

%

 

(30)bps

 

18.7

%

 

18.7

%

 

—bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,249

 

 

$

1,200

 

 

4.1%

 

$

2,441

 

 

$

2,312

 

 

5.6%

 

 

Operating income

$

235

 

 

$

228

 

 

3%

 

$

456

 

 

$

426

 

 

7%

 

 

Operating margin

18.8

%

 

19.0

%

 

(20)bps

 

18.7

%

 

18.4

%

 

30bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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