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

Revenue: Third quarter revenue was flat, reflecting the divestiture of the antenna business in the second quarter. Excluding the divestiture impact, organic revenue increased 2%, primarily from growth of classified programs in Intel and Cyber, and increased volume in our FAA mission-critical safety of flight networks business. Organic revenue was partially offset by lower F-35 related volumes as TR-3 development ramps down in our Airborne Combat Systems business. Growth was also impacted by challenges on classified development programs, LHX NeXt cost savings and the absence of a non-recurring license sale that positively impacted 2023.

Operating Margin: Third quarter operating margin decreased 90 bps, primarily due to the absence of an $18 million non-recurring license sale that positively impacted 2023 and challenges on classified development programs, partially offset by growth in Intel and Cyber and FAA mission-critical safety of flight networks businesses, and LHX NeXt cost savings.

IMS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Year to Date

 

2024 Guidance

 

 

($ millions)

 

2024

 

 

 

2023

 

 

Change

 

 

2024

 

 

 

2023

 

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

   1,671

 

 

$

   1,568

 

 

7

%

 

$

   5,069

 

 

$

   5,003

 

 

1

%

 

$6,600 - $6,700

(Prior: $6,500 - $6,700)

 

 

Operating margin

 

12.2

%

 

 

11.9

%

 

30 bps

 

 

11.8

%

 

 

10.7

%

 

110 bps

 

mid - high 11%

(Prior: mid 11%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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