Full-year revenue and operating income increased 14% versus prior year, primarily due to the post-merger inclusion of L3 operations in results and the factors below regarding pro forma and organic revenue growth. Full-year revenue increased 5.5% versus prior-year pro forma and 5.8% on an organic basis, primarily due to a ramp on the F-35 platform in Mission Avionics and classified growth in Intel & Cyber, partially offset by program transition timing in Space and Electronic Warfare. Full-year operating income increased 6.8% to $932 million versus prior-year pro forma, and operating margin expanded 20 bps to 18.8%, driven by cost management, operational excellence and integration benefits, net of program mix. Funded book-to-bill was 0.99.
Communication Systems
Fourth Quarter 2020 Results:
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Fourth Quarter
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($ millions)
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2020
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2019
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Change
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(GAAP to GAAP comparison)
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Revenue
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$
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1,143
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$
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1,119
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2.1%
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Operating income
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$
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296
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$
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259
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14%
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Operating margin
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25.9
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%
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23.1
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%
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280 bps
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(Organic revenue comparison)1
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Organic revenue
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$
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1,143
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$
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1,105
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3.4%
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