L3Harris Reports Strong Third Quarter 2020 Results and Raises Outlook

  • 3Q20 revenue
    • $4.5 billion, up 0.7% versus prior year
    • Up 4.4% on an organic1 basis; funded book-to-bill of 1.02
  • 3Q20 margin and earnings
    • Net income margin of 9.6%; adjusted earnings before interest and taxes (EBIT)2 margin of 17.9%
    • GAAP earnings per share from continuing operations (EPS) of $1.99, up 4.7%
    • Non-GAAP EPS2 of $2.84, up 10%
  • 3Q20 cash flow
    • Operating cash flow of $757 million; adjusted free cash flow (FCF)2 of $726 million
  • Narrowed revenue and increased EBIT margin, EPS and adjusted FCF2 guidance for 2020

MELBOURNE, Fla. — (BUSINESS WIRE) — October 30, 2020 — L3Harris Technologies, Inc. (NYSE: LHX) reported third quarter 2020 revenue of $4.5 billion, up 0.7% versus prior year, and up 4.4% on an organic1 basis. GAAP net income was $430 million, down 1.1% versus prior year. Adjusted EBIT2 was $798 million, up 4.2% versus prior year, and margin expanded 60 basis points (bps) to 17.9%. GAAP EPS was $1.99, up 4.7%, and non-GAAP EPS2 was $2.84, up 10% versus prior year.

“The L3Harris team delivered a strong quarter that demonstrated integration progress, portfolio resiliency and the perseverance of our employees,” said William M. Brown, Chairman and Chief Executive Officer. “Our on-going execution puts us in a position to deliver on an improved outlook for the year, which we'll build on over the medium term.”

Summary Financial Results

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

 

($ millions, except per share data)

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

Revenue

$

4,463

 

 

$

4,431

 

 

0.7%

 

 

Net income

$

430

 

 

$

435

 

 

(1.1%)

 

 

Net income margin

9.6

%

 

9.8

%

 

(20)bps

 

 

EPS

$

1.99

 

 

$

1.90

 

 

4.7%

 

 

 

 

 

 

 

 

 

 

(Non-GAAP to non-GAAP comparison) 2

 

 

 

 

 

 

Revenue

$

4,463

 

 

$

4,431

 

 

0.7%

 

 

Adjusted EBIT

$

798

 

 

$

766

 

 

4.2%

 

 

Adjusted EBIT margin

17.9

%

 

17.3

%

 

60bps

 

 

EPS

$

2.84

 

 

$

2.58

 

 

10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-To-Date

 

 

($ millions, except per share data)

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

 

Revenue

$

13,534

 

 

$

8,024

 

 

69%

 

 

Net income

$

902

 

 

$

946

 

 

(4.7%)

 

 

Net income margin

6.7

%

 

11.8

%

 

(510)bps

 

 

EPS

$

4.27

 

 

$

6.13

 

 

(30%)

 

 

 

 

 

 

 

 

 

 

(GAAP to pro forma comparison) 3

 

 

 

 

 

 

 

Revenue

$

13,534

 

 

$

13,265

 

 

2.0%

 

 

Net income

$

902

 

 

$

1,251

 

 

(28%)

 

 

Net income margin

6.7

%

 

9.4

%

 

(270)bps

 

 

EPS

$

4.27

 

 

$

5.48

 

 

(22%)

 

 

 

 

 

 

 

 

 

 

(Non-GAAP to adjusted pro forma comparison) 2,3

 

 

 

 

 

 

 

Revenue

$

13,534

 

 

$

13,265

 

 

2.0%

 

 

Adjusted EBIT

$

2,416

 

 

$

2,204

 

 

9.6%

 

 

Adjusted EBIT margin

17.9

%

 

16.6

%

 

130bps

 

 

EPS

$

8.47

 

 

$

7.41

 

 

14%

 

 

 

 

 

 

 

 

 


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