Full-year GAAP EPS decreased 34% versus prior year primarily due to charges for impairment of goodwill and other assets and other COVID-related impacts, higher amortization of acquisition-related intangibles, divestitures and a higher share count. This decline was partially offset by the inclusion of L3 operations in results for the full year in 2020 compared with only the second half in 2019, operational excellence, integration benefits, cost management and a decrease in integration costs. Full-year non-GAAP EPS increased 13% versus prior year driven by operational excellence, integration benefits, cost management and a lower share count, net of COVID and divestiture-related impacts. Net income margin contracted 450 bps and adjusted EBIT margin expanded 120 bps to 18.0% versus prior year.
Segment Results
Integrated Mission Systems
Fourth Quarter 2020 Results:
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Fourth Quarter |
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($ millions) |
2020 |
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2019 |
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Change |
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(GAAP to GAAP comparison) |
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Revenue |
$ |
1,465 |
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$ |
1,466 |
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(0.1%) |
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Operating income |
$ |
209 |
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$ |
195 |
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7.2% |
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Operating margin |
14.3 |
% |
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13.3 |
% |
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100 bps |
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(Organic revenue comparison)1 |
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Organic revenue |
$ |
1,465 |
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$ |
1,466 |
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(0.1%) |
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