The comparison to prior-year GAAP segment operating results is not meaningful because this segment is comprised almost entirely of former L3 businesses. On a pro forma basis, second quarter revenue was up 7.3% from growth in Electro Optical and Maritime, while ISR was largely unchanged due to the timing of aircraft inductions. Second quarter operating income increased 38% to $224 million, and margin expanded 370 bps versus prior-year pro forma to 16.8%, driven by integration benefits, operational excellence and cost management.

Segment funded book-to-bill was 1.19 for the quarter and 1.12 since the merger.

Orders strength in ISR missionization continued with over $380 million in funding across several platforms, including $139 million supporting the Rivet Joint program and $45 million from the U.S. Air Force to upgrade systems for data collection and management during ISR missions.

Domestic and international demand for L3Harris electro-optical systems remained strong with a $380 million single-award IDIQ for WESCAM products in support of global U.S. Army operations and a $33 million order for WESCAM sensor suites supporting the U.S. Army's Shadow UAV program. The company also reinforced its incumbency with international customers, receiving $100 million in orders for electro-optical systems driven by European and Middle Eastern customers.

In Maritime, the company leveraged its investments in innovation to grow its unmanned maritime franchise and was awarded $53 million from a classified customer to support an unmanned surface vehicle program.

Space and Airborne Systems

	($ millions)	Second Quarter										First Half
		2020				2019				Change		2020				2019				Change
	(GAAP to GAAP comparison)
	Revenue	$	1,249			$	1,019			23%		$	2,441			$	1,975			24%
	Operating income	$	235			$	195			21%		$	456			$	369			24%
	Operating margin	18.8		%		19.1		%		(30)bps		18.7		%		18.7		%		—bps
	(GAAP to pro forma comparison)
	Revenue	$	1,249			$	1,200			4.1%		$	2,441			$	2,312			5.6%
	Operating income	$	235			$	228			3%		$	456			$	426			7%
	Operating margin	18.8		%		19.0		%		(20)bps		18.7		%		18.4		%		30bps

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »