L3Harris Reports Strong Harris Standalone Fourth Quarter and Fiscal 2019 Results...Initiates L3Harris Calendar Year 2019 Guidance

  • 4Q19 revenue up 12% to $1.9 billion; book-to-bill 1.02
  • 4Q19 GAAP EPS from continuing operations up 28% to $2.21; non-GAAP1 up 39% to $2.44
  • FY19 revenue up 10% to $6.8 billion; GAAP EPS from continuing operations up 37% to $7.89; non-GAAP1 up 30% to $8.29
  • FY19 operating cash flow of $1,185 million; adjusted free cash flow2 up 15% to $1,055 million
  • Completed merger to form L3Harris Technologies after FY19 ended; initiated second half and calendar year 2019 guidance

MELBOURNE, Fla. — (BUSINESS WIRE) — July 31, 2019 — L3Harris Technologies, Inc. (NYSE: LHX) reported fiscal 2019 fourth quarter and full-year results for Harris Corporation on a standalone basis, as the merger with L3 Technologies, Inc. was completed on June 29, 2019. Fiscal 2019 fourth quarter revenue was $1.9 billion, up 12% compared with the prior year. GAAP earnings per diluted share from continuing operations (EPS) increased 28% to $2.21, and non-GAAP EPS1 increased 39% to $2.44. Net income increased 26% to $268 million, and adjusted earnings before interest and taxes (EBIT1) increased 17% to $377 million with margin expansion of 80 basis points (bps) to 20.2%.

"We ended the year on a high note with strong fourth quarter results capping an exceptional 2019 in which we outperformed on all guidance metrics," said William M. Brown, Chairman and Chief Executive Officer. "The company achieved double-digit revenue growth for the quarter and the year with strong growth across all segments and ended the year with record profit, EPS and free cash flow.”

“We successfully completed the merger with L3 and hit the ground running, announcing on day one four new mission-focused segments and a consolidated headquarters that combine the top talent from both companies. These initial steps mark good progress towards leveraging our increased scale, fostering a culture of operational excellence and achieving cost synergies that will position us well for continued growth and robust free cash flow, which we will deploy through increased dividends and share repurchases."

Summary Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ millions, except per share data)

Fourth Quarter

 

Full Year

 

 

 

FY 2019

 

FY 2018

 

Change

 

FY 2019

 

FY 2018

 

Change

 

 

Orders

$

1,904

 

 

$

1,861

 

 

2%

 

$

7,451

 

 

$

7,429

 

 

—%

 

 

Revenue

$

1,865

 

 

$

1,661

 

 

12%

 

$

6,801

 

 

$

6,168

 

 

10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP comparison)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

268

 

 

$

213

 

 

26%

 

$

949

 

 

$

699

 

 

36%

 

 

Net income margin

14.4

%

 

12.8

%

 

160bps

 

14.0

%

 

11.3

%

 

270bps

 

 

Earnings per share

$

2.21

 

 

$

1.72

 

 

28%

 

$

7.89

 

 

$

5.78

 

 

37%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP comparison) 3

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBIT

$

377

 

 

$

323

 

 

17%

 

$

1,345

 

 

$

1,166

 

 

15%

 

 

Adjusted EBIT margin

20.2

%

 

19.4

%

 

80bps

 

19.8

%

 

18.9

%

 

90bps

 

 

Earnings per share

$

2.44

 

 

$

1.76

 

 

39%

 

$

8.29

 

 

$

6.39

 

 

30%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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