L3Harris Reports First Quarter 2020 Results and Updates Outlook

  • 1Q20 revenue $4.6 billion; up 168% and 5% versus prior-year GAAP and pro forma1, respectively; funded book-to-bill of 1.11
  • 1Q20 GAAP earnings per share from continuing operations (EPS) of $0.99, down 51% versus prior-year GAAP and down 43% versus prior-year pro forma
  • 1Q20 non-GAAP2 EPS of $2.80, up 21% versus prior-year adjusted pro forma
  • 1Q20 operating cash flow of $533 million; adjusted free cash flow3 of $533 million
  • Adjusted 2020 outlook to reflect pandemic-related risks primarily in commercial aerospace
  • Completed divestiture of airport security and automation business on May 4, 2020, for $1 billion

MELBOURNE, Fla. — (BUSINESS WIRE) — May 5, 2020 — L3Harris Technologies, Inc. (NYSE: LHX) reported first quarter 2020 revenue of $4.6 billion, up 168% and 5% versus prior-year GAAP and pro forma1, respectively. GAAP EPS was $0.99, down 51% versus prior-year GAAP and down 43% versus prior-year pro forma. Non-GAAP EPS2 was $2.80, up 21% versus prior-year adjusted pro forma. Net income was $194 million, down 20% and 52% versus prior-year GAAP and pro forma, respectively. Adjusted earnings before interest and taxes (EBIT)2 was $808 million, up 17% versus prior-year adjusted pro forma, and margin increased 170 basis points (bps) to 17.5%.

"In these unprecedented times, we have remained focused on protecting the health and safety of our employees while meeting the mission-essential requirements of our customers. We are also focused on supporting our suppliers and the communities where we live and work,” said William M. Brown, Chairman and Chief Executive Officer. “And though we’re off to a solid start to the year, we are taking a more measured approach to guidance as a result of the uncertain environment caused by the pandemic. Our liquidity and ability to drive cash generation remain strong, and we continue to execute well against our strategic priorities, including merger integration and investing for the future."

Summary Financial Results

 

 

 

 

 

 

 

 

 

($ millions, except per share data)

First Quarter

 

 

 

1Q20

 

1Q19

 

Change

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

Revenue

$

4,626

 

 

$

1,728

 

 

168%

 

 

Net income

$

194

 

 

$

243

 

 

(20%)

 

 

Net income margin

4.2

%

 

14.1

%

 

(990)bps

 

 

EPS

$

0.99

 

 

$

2.02

 

 

(51%)

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

Revenue

$

4,626

 

 

$

4,386

 

 

5%

 

 

Net income

$

194

 

 

$

400

 

 

(52%)

 

 

Net income margin

4.2

%

 

9.1

%

 

(490)bps

 

 

EPS

$

0.99

 

 

$

1.75

 

 

(43%)

 

 

 

 

 

 

 

 

 

 

(Non-GAAP to adjusted pro forma comparison) 4

 

 

 

 

 

 

 

Revenue

$

4,626

 

 

$

4,386

 

 

5%

 

 

Adjusted EBIT

$

808

 

 

$

693

 

 

17%

 

 

Adjusted EBIT margin

17.5

%

 

15.8

%

 

170bps

 

 

EPS

$

2.80

 

 

$

2.32

 

 

21%

 

 

 

 

 

 

 

 

 


1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »
Featured Video
Jobs
Sr. Silicon Design Engineer for AMD at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise