L3Harris Reports Second Quarter 2020 Results

  • 2Q20 revenue
    • $4.4 billion, up 138% and flat versus prior-year GAAP and pro forma1, respectively
    • Up 2.3% on an organic2 basis; funded book-to-bill of 1.09
  • 2Q20 margin and earnings
    • Net income margin of 6.3%; adjusted earnings before interest and taxes (EBIT)3 margin of 18.2%
    • GAAP earnings per share from continuing operations (EPS) of $1.30, down 41% and 29% versus prior-year GAAP and pro forma, respectively
    • Non-GAAP3 EPS of $2.83, up 13% versus prior-year adjusted pro forma
  • 2Q20 cash flow
    • Operating cash flow of $802 million; adjusted free cash flow (FCF)4 of $785 million

MELBOURNE, Fla. — (BUSINESS WIRE) — July 31, 2020 — L3Harris Technologies, Inc. (NYSE: LHX) reported second quarter 2020 revenue of $4.4 billion, up 138% and flat versus prior-year GAAP and pro forma1, respectively, and up 2.3% on an organic2 basis. Net income was $278 million, up 4% and down 33% versus prior-year GAAP and pro forma, respectively. Adjusted EBIT3 was $810 million, up 9% versus prior-year adjusted pro forma, and margin increased 150 basis points (bps) to 18.2%. GAAP EPS was $1.30, down 41% and 29% versus prior-year GAAP and pro forma, respectively. Non-GAAP EPS3 was $2.83, up 13% versus prior-year adjusted pro forma.

“Our top priority continues to be the safety of our workforce, and I am proud of their dedication as well as the progress we have made delivering on customer and shareholder commitments during the pandemic. We’re now at the 1-year mark post-merger and our performance highlights the benefits of the combination,” said William M. Brown, Chairman and Chief Executive Officer. “Our traction with the integration and execution against strategic priorities give us confidence in our current-year outlook and position us well over the medium term."

Summary Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ millions, except per share data)

Second Quarter

 

First Half

 

 

 

2020

 

2019

 

Change

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

4,445

 

 

$

1,865

 

 

138%

 

$

9,071

 

 

$

3,593

 

 

152%

 

 

Net income

$

278

 

 

$

268

 

 

4%

 

$

472

 

 

$

511

 

 

(8%)

 

 

Net income margin

6.3

%

 

14.4

%

 

(810)bps

 

5.2

%

 

14.2

%

 

(900)bps

 

 

EPS

$

1.30

 

 

$

2.21

 

 

(41%)

 

$

2.29

 

 

$

4.23

 

 

(46%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

4,445

 

 

$

4,448

 

 

(0.1%)

 

$

9,071

 

 

$

8,834

 

 

2.7%

 

 

Net income

$

278

 

 

$

416

 

 

(33%)

 

$

472

 

 

$

816

 

 

(42%)

 

 

Net income margin

6.3

%

 

9.4

%

 

(310)bps

 

5.2

%

 

9.2

%

 

(400)bps

 

 

EPS

$

1.30

 

 

$

1.82

 

 

(29%)

 

$

2.29

 

 

$

3.57

 

 

(36%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP to adjusted pro forma comparison) 4

 

 

 

 

 

 

 

 

 

 

Revenue

$

4,445

 

 

$

4,448

 

 

(0.1%)

 

$

9,071

 

 

$

8,834

 

 

2.7%

 

 

Adjusted EBIT

$

810

 

 

$

745

 

 

9%

 

$

1,618

 

 

$

1,438

 

 

13%

 

 

Adjusted EBIT margin

18.2

%

 

16.7

%

 

150bps

 

17.8

%

 

16.3

%

 

150bps

 

 

EPS

$

2.83

 

 

$

2.51

 

 

13%

 

$

5.63

 

 

$

4.83

 

 

17%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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



Review Article Be the first to review this article


Latest Blog Posts
Jim SparksGISCafe Guest
by Jim Sparks
Maps are (Still) Important Again
Jobs
Applications Programmer Analyst I for Southern Nevada Health District at Las Vegas, Nevada
Applications Programmer Analyst II for Southern Nevada Health District at Las Vegas, Nevada
GIS Project Manager for VHB at Wethersfield, Connecticut
Upcoming Events
Smart GEO Expo 2020 at COEX Hall C Republic of Korea Seoul Korea (South) - Aug 19 - 21, 2020
Defense Services Asia (DSA) 2020 at Kuala Lumpur Malaysia - Aug 24 - 27, 2020
IWCE 2020 Conference at Las Vegas Convention Center LAS VEGAS NV - Aug 24 - 28, 2020
ENVI Analytics Symposium (Virtual EAS) at CO - Aug 25 - 27, 2020
University of Denver GIS Masters Degree Online
UAV Expo2020 -Register   & save



© 2020 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise