L3Harris Reports First Quarter 2020 Results and Updates Outlook

Revenue increased 89% and operating income increased 50% versus prior-year GAAP, primarily due to the post-merger inclusion of L3 operations in results. On a pro forma basis, revenue increased 5% versus the prior year as the ramp in U.S. DoD modernization programs in Tactical Communications was partially offset by timing of sales for international tactical radios and prior-year strength in Public Safety. Operating income increased 11% to $250 million, and margin expanded 120 bps versus prior-year pro forma to 22.9%, from operational efficiencies and integration benefits, partially offset by less favorable mix.

Tactical Communications received several key awards that support U.S. DoD modernization, strengthening its position in airborne and solidifying its international presence:

  • $383 million sole-source IDIQ from the U.S. Marine Corps for next-generation HF radio systems, with an initial task order of $89 million
  • $42 million from the U.S. Army for next-generation HF radio systems as part of a multi-year modernization effort
  • $28 million from the U.S. Army to provide Single-Channel Ground and Airborne Radio Systems (SINCGARS)
  • $86 million for Falcon III® products from countries in Eastern Europe and the Middle East, supporting the company's installed base and furthering its international leadership

Key awards in Broadband Communications include a $500 million IDIQ, with an initial order of $31 million, to provide tactical waveform modems for resilient and secure communications in support of the U.S. Air Force and Army.

Segment funded book-to-bill was 0.80 for the quarter and 1.03 since the merger.

Aviation Systems

 

 

 

 

 

 

 

 

 

($ millions)

First Quarter

 

 

 

1Q20

 

1Q19

 

Change

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

Revenue

$

1,011

 

 

$

144

 

 

n/m

 

 

Operating income

$

(177

)

 

$

17

 

 

n/m

 

 

Operating margin

(17.5

)%

 

11.8

%

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

Revenue

$

1,011

 

 

$

914

 

 

11%

 

 

Operating income

$

(177

)

 

$

105

 

 

n/m

 

 

Operating margin

(17.5

)%

 

11.5

%

 

n/m

 

 

 

 

 

 

 

 

 

 

(Non-GAAP to pro forma comparison) 5

 

 

 

 

 

 

 

Revenue

$

1,011

 

 

$

914

 

 

11%

 

 

Operating income

$

147

 

 

$

105

 

 

40%

 

 

Operating margin

14.5

%

 

11.5

%

 

300bps

 

 

 

 

 

 

 

 

 

__________________

n/m: Not meaningful

 

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