L3Harris Reports Fourth Quarter and 2020 Results; Initiates 2021 Guidance

  • Fourth Quarter 2020 Results
    • Revenue of $4.7 billion, down 3.6% versus prior year; flat on an organic1 basis; funded book-to-bill of 0.93
    • Net income margin of 3.9%; adjusted earnings before interest and taxes (EBIT)2 margin of 18.5%
    • GAAP earnings per share from continuing operations (EPS) of $0.92, down 48%
    • Non-GAAP EPS2 of $3.14, up 10%
    • Operating cash flow of $698 million; adjusted free cash flow (FCF)2 of $642 million
  • Full Year 2020 Results
    • Revenue of $18.2 billion, up 42% versus prior year, 0.5% versus prior-year pro forma3, and 2.9% on an organic basis; funded book-to-bill of 1.04
    • Net income margin of 6.0%; adjusted EBIT margin of 18.0%
    • GAAP EPS of $5.19, down 34%; non-GAAP EPS of $11.60, up 13%
    • Operating cash flow of $2,790 million; adjusted FCF of $2,686 million
  • Initiated 2021 guidance consistent with medium-term growth framework
  • Raised quarterly dividend by 20% and established new $6 billion share repurchase authorization

MELBOURNE, Fla. — (BUSINESS WIRE) — January 29, 2021 — L3Harris Technologies, Inc. (NYSE: LHX) reported fourth quarter 2020 revenue of $4.7 billion, down 3.6% versus prior year, and flat on an organic1 basis. GAAP net income was $184 million, down 54% versus prior year. Adjusted EBIT2 was $864 million, up 3.5% versus prior year, and adjusted EBIT margin expanded 120 basis points (bps) to 18.5%. GAAP EPS was $0.92, down 48%, and non-GAAP EPS2 was $3.14, up 10% versus prior year.

"Thanks to the hard work of our employees we continued to deliver the benefits of the merger and ended the year with solid performance, exceeding our initial 2020 guidance for margins, EPS and free cash flow as we overcame headwinds due to the global pandemic," said William M. Brown, Chairman and Chief Executive Officer. "We’re clearly making progress in building a high-performance, technology-focused operating company and positioning L3Harris as a full end-to-end mission solutions prime. In 2021, we'll build on our momentum as we remain focused on meeting employee, customer and shareholder commitments."

Summary Financial Results

Fourth Quarter 2020 Results:

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

($ millions, except per share data)

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

(GAAP to GAAP comparison)

 

 

 

 

 

 

Revenue

$

4,660

 

 

$

4,832

 

 

(3.6%)

 

 

Net income

$

184

 

 

$

399

 

 

(54%)

 

 

Net income margin

3.9

%

 

8.3

%

 

(440) bps

 

 

EPS

$

0.92

 

 

$

1.77

 

 

(48%)

 

 

 

 

 

 

 

 

 

 

(Non-GAAP to non-GAAP comparison) 2

 

 

 

 

 

 

Revenue

$

4,660

 

 

$

4,832

 

 

(3.6%)

 

 

Adjusted EBIT

$

864

 

 

$

835

 

 

3.5%

 

 

Adjusted EBIT margin

18.5

%

 

17.3

%

 

120 bps

 

 

EPS

$

3.14

 

 

$

2.85

 

 

10%

 

 

 

 

 

 

 

 

 

 

(Organic revenue comparison) 1

 

 

 

 

 

 

 

Organic revenue

$

4,660

 

 

$

4,672

 

 

—%

 

 

 

 

 

 

 

 

 


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