L3Harris Reports First Quarter 2020 Results and Updates Outlook

Revenue increased 25% and operating income increased 27% versus prior-year GAAP, primarily due to the post-merger inclusion of L3 operations in results. On a pro forma basis, revenue increased 7% versus the prior year from a ramp in modernization on the F-35 platform in Avionics and classified growth in Intel and Cyber. Operating income increased 12% to $221 million, and margin expanded 70 bps versus prior-year pro forma to 18.5%, from operational excellence and integration benefits.

In Space, the company leveraged its technical expertise and on-going customer relationships to secure a ten-year, $1.2 billion, competitive award as the prime mission integrator for our nation’s space domain awareness program, MOSSAIC. This award, if fully exercised, has the potential to reach $2 billion and continues our 17-year collaboration with the U.S. Space and Missile Systems Center.

L3Harris continued to strengthen its position in Avionics and Electronic Warfare with $269 million in orders for F-35 modernization and avionics components, including a $52 million award for advanced data links under the first Lot 15 order. In addition, the company was awarded a sole-source IDIQ for up to $493 million from the U.S. Special Operations Command for electronic warfare systems.

This order momentum resulted in a segment funded book-to-bill of 1.16 for the quarter and 0.98 since the merger.

Communication Systems

 

 

 

 

 

 

 

 

 

($ millions)

First Quarter

 

 

 

1Q20

 

1Q19

 

Change

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

Revenue

$

1,094

 

 

$

580

 

 

89%

 

 

Operating income

$

250

 

 

$

167

 

 

50%

 

 

Operating margin

22.9

%

 

28.8

%

 

(590)bps

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

Revenue

$

1,094

 

 

$

1,041

 

 

5%

 

 

Operating income

$

250

 

 

$

226

 

 

11%

 

 

Operating margin

22.9

%

 

21.7

%

 

120bps

 

 

 

 

 

 

 

 

 


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