L3Harris Reports Strong Second Quarter 2021 Results

  • Revenue
    • $4.7 billion, up 5.0% versus prior year and 6.2% on an organic1 basis
  • Margins and earnings
    • Net income margin of 8.8%; adjusted earnings before interest and taxes (EBIT) margin3 of 18.6%
    • GAAP earnings per share from continuing operations (EPS) of $2.01, up 55%
    • Non-GAAP EPS3 of $3.26, up 15%
  • Cash flow and capital deployment
    • Operating cash flow of $720 million; adjusted free cash flow (FCF)3 of $685 million
    • Returned $1,057 million to shareholders through $850 million in share repurchases and $207 million in dividends
  • Raised 2021 adjusted EBIT margin guidance to ~18.5% and non-GAAP EPS guidance to $12.80 - $13.00
  • Signed definitive agreement to sell Electron Devices business for $185 million

MELBOURNE, Fla. — (BUSINESS WIRE) — August 3, 2021 — L3Harris Technologies, Inc. (NYSE: LHX) reported second quarter 2021 revenue of $4.7 billion, up 5.0% versus prior year, and up 6.2% on an organic1 basis. GAAP net income was $413 million, up 49% versus prior year. Adjusted EBIT3 was $869 million, up 7.3% versus prior year, and adjusted EBIT margin3 expanded 40 basis points (bps) to 18.6%. GAAP EPS was $2.01, up 55%, and non-GAAP EPS3 was $3.26, up 15% versus prior year.

“We are now at the 2-year mark for L3Harris and our second quarter results demonstrate the merger's value creation and operating momentum. Our accomplishments to-date and a continued focus on execution give us confidence to raise guidance for the year,” said Christopher E. Kubasik, Vice Chair and Chief Executive Officer. "As we look forward, a commitment to our strategic priorities along with our differentiated capabilities position us for further value creation over the long term."

Summary Financial Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Quarter

 

First Half

 

 

($ millions, except per share data)

2021

 

2020

 

Change

 

2021

 

2020

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAAP comparison)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

4,668

 

 

$

4,445

 

 

5.0%

 

$

9,235

 

 

$

9,071

 

 

1.8%

 

 

Net income

$

413

 

 

$

278

 

 

49%

 

$

879

 

 

$

472

 

 

86%

 

 

Net income margin

8.8

%

 

6.3

%

 

250 bps

 

9.5

%

 

5.2

%

 

430 bps

 

 

EPS

$

2.01

 

 

$

1.30

 

 

55%

 

$

4.26

 

 

$

2.29

 

 

86%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Non-GAAP comparison) 3

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

4,668

 

 

$

4,445

 

 

5.0%

 

$

9,235

 

 

$

9,071

 

 

1.8%

 

 

Adjusted EBIT

$

869

 

 

$

810

 

 

7.3%

 

$

1,731

 

 

$

1,618

 

 

7.0%

 

 

Adjusted EBIT margin

18.6

%

 

18.2

%

 

40 bps

 

18.7

%

 

17.8

%

 

90 bps

 

 

EPS

$

3.26

 

 

$

2.83

 

 

15%

 

$

6.44

 

 

$

5.63

 

 

14%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic revenue 1

$

4,668

 

 

$

4,396

 

 

6.2%

 

$

9,235

 

 

$

8,881

 

 

4.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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