L3Harris strengthened its position as partner of choice for ISR aircraft missionization with the U.S. Air Force and received a $209 million contract to convert three aerial refueling tankers into specialized reconnaissance aircraft. In addition, the company received $162 million in funding for legacy aircraft, enhancing its incumbent position across the Javaman, Rivet Joint and Compass Call platforms, which enable intelligence collection, analysis and dissemination capabilities.
Key Maritime awards included $43 million for unmanned surface and underwater vessels as the company leveraged investments in innovation to grow its unmanned maritime franchise and $35 million from the U.S. Coast Guard for C4ISR solutions on the Sentinel-Class Cutter.
Domestic and international demand for L3Harris electro-optical systems remained strong. After successful first article testing, the company was awarded the first low rate production order from the U.S. Army for electro-optical sensor suites supporting the Shadow UAV program, under the previously announced $454 million, multi-year IDIQ contract. Additionally, the company reinforced its incumbency with international customers, receiving over $100 million in electro-optical orders from several NATO allies.
Year-to-date segment revenue increased 11% with a funded book-to-bill of 1.11 and operating margin expanded 90 bps to 12.7%.
Space and Airborne Systems
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($ millions) |
Third Quarter |
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Year-to-Date |
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CY 2019 |
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CY 2018 |
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Change |
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CY 2019 |
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CY 2018 |
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Change |
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Revenue |
$ |
1,162 |
|
|
$ |
971 |
|
|
20 |
% |
|
$ |
3,463 |
|
|
$ |
2,947 |
|
|
18 |
% |
|
|
|
Operating income |
$ |
226 |
|
|
$ |
164 |
|
|
38 |
% |
|
$ |
644 |
|
|
$ |
512 |
|
|
26 |
% |
|
|
|
Operating margin |
19.4 |
% |
|
16.9 |
% |
|
250bps |
|
18.6 |
% |
|
17.4 |
% |
|
120bps |
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