L3Harris Technologies Reports Strong Second Quarter 2024 Results, Increases 2024 Guidance

Rhea-AI Summary

L3Harris Technologies (NYSE: LHX) reported strong Q2 2024 results and increased its 2024 guidance. Key highlights include:

- Revenue of $5.3 billion, up 13% year-over-year
- Orders of $5.2 billion with a book-to-bill ratio of 1.0x
- Operating margin of 9.0%; adjusted segment operating margin of 15.6%
- Diluted EPS of $1.92; non-GAAP EPS of $3.24, up 9% from Q2 2023

L3Harris raised its 2024 guidance:
- Revenue range increased to $21.0B - $21.3B
- Adjusted segment operating margin guidance increased to 15.2% - 15.4%
- Non-GAAP EPS guidance range raised to $12.85 - $13.15

The company's strong performance reflects its focus on operational excellence and execution, as well as progress towards its 2026 financial framework.

Positive

• Revenue increased by 13% year-over-year to $5.3 billion
• Non-GAAP EPS grew 9% to $3.24 compared to Q2 2023
• Book-to-bill ratio of 1.0x indicates strong demand
• Adjusted segment operating margin improved by 80 basis points to 15.6%
• 2024 revenue guidance range increased to $21.0B - $21.3B
• 2024 Non-GAAP EPS guidance range raised to $12.85 - $13.15
• Cash from operations increased by 82% to $754 million

Negative

• Year-to-date cash from operations decreased by 15% to $650 million
• Year-to-date adjusted free cash flow decreased by 15% to $558 million

Insights

Financial Analyst

L3Harris Technologies' Q2 2024 results demonstrate robust performance and positive momentum. The company reported revenue of $5.3 billion, up 13% year-over-year, driven by strong growth across segments. Notably, the non-GAAP EPS increased by 9% to $3.24, surpassing the previous year's $2.97.

The company's improved operational efficiency is evident in its adjusted segment operating margin of 15.6%, an 80 basis point increase from the previous year. This margin expansion, coupled with revenue growth, indicates effective cost management and synergy realization from the L3 and Harris merger.

L3Harris has raised its full-year 2024 guidance, reflecting confidence in its business outlook. The revenue guidance has been increased to $21.0 billion - $21.3 billion, while the non-GAAP EPS guidance has been raised to $12.85 - $13.15. This upward revision suggests strong momentum and potential for further growth in the coming quarters.

The company's focus on operational excellence through its LHX NeXt initiative appears to be yielding results, as evidenced by the improved margins and increased guidance. This strategic approach positions L3Harris well for achieving its 2026 financial framework goals.

Defense Industry Analyst

L3Harris' Q2 results underscore its strong position in the defense sector. The company's diverse portfolio, spanning Space & Airborne Systems, Integrated Mission Systems and Communication Systems, provides a robust foundation for growth. The addition of Aerojet Rocketdyne, contributing $581 million in revenue, enhances L3Harris' capabilities in propulsion systems and missile technology.

The company's book-to-bill ratio of 1.0x indicates a healthy demand environment and suggests sustained revenue growth in the near term. This is particularly significant given the current geopolitical tensions and increased defense spending by various nations.

L3Harris' focus on being the industry's 'Trusted Disruptor' aligns well with the Pentagon's push for innovative defense technologies. The company's investment in research and development, although not explicitly mentioned in the results, is likely to be a key driver of future growth and market share gains.

The improved margins across segments, especially the 28% increase in operating income for Space & Airborne Systems, demonstrate L3Harris' ability to execute complex programs efficiently. This operational excellence, combined with its broad portfolio, positions the company favorably to capture opportunities in evolving defense priorities, including space, electronic warfare and networked systems.

Market Research Analyst

L3Harris' strong Q2 performance and raised guidance are likely to be viewed positively by the market. The company's ability to grow revenue and expand margins in a challenging macroeconomic environment demonstrates resilience and effective execution of its strategy.

The integration of Aerojet Rocketdyne appears to be progressing well, contributing significantly to the top line. This acquisition strengthens L3Harris' position in the space and missile defense markets, which are experiencing increased focus and investment.

The company's emphasis on operational efficiency through the LHX NeXt initiative is particularly noteworthy. In an inflationary environment, L3Harris' ability to improve margins suggests strong pricing power and effective cost management, which should be well-received by investors.

The increase in cash from operations to $754 million, up 82% year-over-year, is a strong indicator of the company's financial health and ability to fund future growth initiatives. This robust cash generation also provides flexibility for strategic investments, debt reduction, or shareholder returns.

Given the raised guidance and strong execution, L3Harris may see increased investor interest, potentially leading to positive momentum in its stock price. However, investors will likely be keen to understand the sustainability of this performance and any potential headwinds in the defense budget environment.

• Orders¹ of $5.2 billion; book-to-bill of 1.0x
• Revenue of $5.3 billion, up 13%
• Operating margin of 9.0%; adjusted segment operating margin¹ of 15.6%
• Diluted earnings per share (EPS) of $1.92; non-GAAP EPS¹ of $3.24
• 2024 revenue guidance range increases from $20.8B - $21.3B to $21.0B - $21.3B
• 2024 adjusted segment operating margin¹ guidance increases from >15% to 15.2% - 15.4%*
• 2024 Non-GAAP EPS guidance range increases from $12.70 - $13.05 to $12.85 - $13.15*

MELBOURNE, Fla.--(BUSINESS WIRE)-- L3Harris Technologies (NYSE: LHX) reported second quarter 2024 diluted EPS of $1.92, on second quarter revenue of $5.3 billion. Second quarter 2024 non-GAAP diluted EPS¹ was $3.24, as compared to non-GAAP diluted EPS¹ of $2.97 for the second quarter of 2023, a 9% increase. A reconciliation of non-GAAP results are detailed in tables beginning on page 11.

"We delivered another strong quarter of financial results with improved margins, reflecting our commitment to operational excellence and a relentless focus on execution that delivers value to our customers and shareholders," said Christopher E. Kubasik, Chair and CEO.

Kubasik added, "As we celebrate the five year anniversary of the L3 and Harris merger, I'm proud of the progress we've made as the industry's Trusted Disruptor. Our first half results reflect progress toward achieving our 2026 financial framework. We are raising our revenue, margin and EPS guidance for the year, underscoring the tangible results of our LHX NeXt initiative, which is focused on streamlining our operations and enhancing our efficiency while transforming the company."

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

SUMMARY FINANCIAL RESULTS AND 2024 GUIDANCE

		Second Quarter											Year to Date											2024 Guidance*
	($ millions, except per share data)	2024				2023				Change			2024				2023				Change
	Revenue
	Space & Airborne Systems	$	1,707			$	1,715						$	3,458			$	3,370
	Integrated Mission Systems		1,729				1,735							3,398				3,435
	Communication Systems		1,346				1,289							2,640				2,452
	Aerojet Rocketdyne		581				—							1,123				—
	Corporate eliminations		(64	)			(46	)						(109	)			(93	)
	Revenue	$	5,299			$	4,693			13	%		$	10,510			$	9,164			15	%		$21.0B - $21.3B (Prior: $20.8B - 21.3B)
	Operating income
	Space & Airborne Systems	$	215			$	168			28	%		$	431			$	355			21	%
	Integrated Mission Systems		206				162			27	%			396				347			14	%
	Communication Systems		329				325			1	%			639				591			8	%
	Aerojet Rocketdyne		75				—			n/a				147				—			n/a
	Unallocated items		(349	)			(255	)						(759	)			(500	)
	Operating income	$	476			$	400			19	%		$	854			$	793			8	%
	Operating margin		9.0	%			8.5	%		50 bps				8.1	%			8.7	%		(60) bps
	Adjusted segment operating income1	$	825			$	694			19	%		$	1,613			$	1,332			21	%
	Adjusted segment operating margin1		15.6	%			14.8	%		80 bps				15.3	%			14.5	%		80 bps			15.2% - 15.4% (Prior: > 15%)
	Effective tax rate (GAAP)		5.9	%			5.6	%		30 bps				4.1	%			7.4	%		(330) bps
	Effective tax rate (non-GAAP1)		12.9	%			13.3	%		(40) bps				13.0	%			13.4	%		(40) bps
	EPS	$	1.92			$	1.83			5	%		$	3.40			$	3.60			(6	%)
	Non-GAAP EPS1	$	3.24			$	2.97			9	%		$	6.30			$	5.82			8	%		$12.85 - $13.15 (Prior: $12.70 - $13.05)
	Cash from operations	$	754			$	414			82	%		$	650			$	764			(15	%)
	Adjusted free cash flow1	$	714			$	342			109	%		$	558			$	657			(15	%)		~2.2B
*When we provide our expectation for adjusted segment operating margin, effective tax rate on non-GAAP income, non-GAAP EPS and adjusted free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort due to the unavailability of items for exclusion from the GAAP measure. We are unable to address the probable significance of this information, the variability of which may have a significant impact on future GAAP results. See Non-GAAP Financial Measures on page 7 for more information.

Revenue: Second quarter revenue increased 13%, primarily driven by the acquisition of Aerojet Rocketdyne (AR) and 1% total organic growth from increased demand for tactical and broadband communication products in our Communication Systems (CS) segment. Growth was also driven by continued demand in Space Systems and classified Intel & Cyber programs within the Space & Airborne Systems (SAS) Segment. This growth was offset by lower volumes in our Airborne Combat Systems business. In the Integrated Mission Systems (IMS) segment, growth in Maritime programs was offset by lower volumes associated with our Commercial Aviation business, the divestiture of which is pending closure.

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

Operating Margin:

GAAP: Second quarter operating margin increased 50 bps to 9.0% driven by improved operational performance, partially offset by the impact of increased corporate unallocated items, including intangible amortization from mergers and acquisitions and LHX NeXt implementation costs.

Adjusted segment operating margin¹: Expanded 80 bps to 15.6% due to improved operational and program performance across the SAS, IMS and CS segments, including LHX NeXt driven cost savings.

EPS:

GAAP: Second quarter EPS increased 5% to $1.92 due to an increase in operating income, partially offset by the impact of intangible amortization from mergers and acquisitions, LHX NeXt implementation costs and higher interest expense.

Non-GAAP¹: Increased 9% to $3.24 driven by higher adjusted segment operating income¹, partially offset by higher interest expense.

The largest differences between GAAP and Non-GAAP EPS are attributable to intangible amortization and LHX NeXt implementation costs.

Cash Flows:

Cash from Operations: Second quarter cash from operations was $754 million driven by net income growth and improved working capital performance.

Adjusted free cash flow¹: Delivered $714 million in adjusted free cash flow¹ driven by net income growth, improved working capital performance and adjustments for acquisitions and severance related costs.

SEGMENT RESULTS AND GUIDANCE:

SAS

		Second Quarter											Year to Date											2024 Guidance*
	($ millions)	2024				2023				Change			2024				2023				Change
	Revenue	$	1,707			$	1,715			—	%		$	3,458			$	3,370			3	%		~$7,000
	Operating margin		12.6	%			9.8	%		280 bps				12.5	%			10.5	%		200 bps			low 12%* (Prior ~12%)

Revenue: Second quarter revenue was flat year-over-year, resulting from continued growth in Space Systems and classified program growth in Intel and Cyber, which was offset by lower volumes in our Airborne Combat Systems business and lower revenues from the divestiture of the antenna business. Excluding this divestiture, organic revenue increased 1%.

Operating Margin: Second quarter operating margin increased 280 bps largely due to the absence of a non-cash charge that impacted 2023, improved operational and program performance, including the impact of the LHX NeXt cost savings initiative.

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

IMS

		Second Quarter											Year to Date											2024 Guidance*
	($ millions)	2024				2023				Change			2024				2023				Change
	Revenue	$	1,729			$	1,735			—	%		$	3,398			$	3,435			(1	)%		$6,500 - $6,700 (Prior $6,400 - $6,600)
	Operating margin		11.9	%			9.3	%		260 bps				11.7	%			10.1	%		160 bps			mid 11%* (Prior low-mid 11%)

Revenue: Second quarter revenue was flat, as higher volumes on Maritime programs were offset by lower volume in our Commercial Aviation business.

Operating Margin: Second quarter operating margin increased 260 bps from improved program performance, including the impact of LHX NeXt cost savings.

CS

		Second Quarter											Year to Date											2024 Guidance*
	($ millions)	2024				2023				Change			2024				2023				Change
	Revenue	$	1,346			$	1,289			4	%		$	2,640			$	2,452			8	%		$5,300 - 5,400
	Operating margin		24.4	%			25.2	%		(80) bps				24.2	%			24.1	%		10 bps			mid 24%* (Prior low-mid 24%)

Revenue: Second quarter revenue increased 4%, primarily from higher volumes in Broadband Communications and increased Department of Defense (DoD) sales in Tactical Communications.

Operating Margin: Second quarter operating margin decreased 80 bps primarily from higher domestic tactical radio mix and timing of software sales, partially offset by LHX NeXt cost savings and the favorable impact of legal settlements.

AR

		Second Quarter										Year to Date										2024 Guidance*
	($ millions)	2024				2023				Change		2024				2023				Change
	Revenue	$	581			$	—					$	1,123			$	—					$2,400 - $2,500
	Operating margin		12.9	%			—	%					13.1	%			—	%				high 11%*

Revenue and Operating Margin: Second quarter results are attributed to program execution across Missile Solutions and Space Propulsion and Power Systems.

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

SUPPLEMENTAL INFORMATION:

			2024*			2023
	Other Information		Current	Prior		Actuals
	FAS/CAS operating adjustment		~$30 million	~$30 million		$110 million
	Non-service FAS pension income		~$310 million	~$310 million		$310 million
	Net interest expense		~$660 million	~$650 million		$543 million
	Effective tax rate on GAAP income					1.9%
	Effective tax rate on non-GAAP income1		13.0% - 13.5%	13.0% - 13.5%		13.0%
	Average diluted shares		Flat	Flat - up slightly		190.6
	Capital expenditures		~2% sales	~2% sales		2% sales

Ad Hoc Business Review Committee: The company entered into a Cooperation Agreement in December 2023 requiring, among other items, the formation of an Ad Hoc Business Review Committee (BRC) to independently review the company’s execution toward shareholder value creation opportunities. Earlier this month, the BRC provided its recommendations and informed the full Board of Directors that it had completed its review. With the work now complete, the ad hoc BRC has been dissolved per its charter.

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

Non-GAAP Financial Measures

This earnings release contains Non-GAAP Financial Measures ("NGFMs") (as listed on page 16) within the meaning of Regulation G promulgated by the Securities and Exchange Commission (SEC). Management believes excluding the adjustments listed on page 16 for the purposes of calculating certain NGFMs is useful to investors because these costs do not reflect our ongoing operating performance; however there is no guarantee that items excluded from NGFMs will not reoccur in future periods. These adjustments, when considered together with the unadjusted GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Management also believes that these adjustments to our NGFMs enhance the ability of investors to analyze L3Harris business trends, to understand L3Harris performance and to evaluate our initiatives to drive improved financial performance. We utilize NGFMs as guides in forecasting, budgeting and long-term planning processes and to measure operating performance for compensation purposes. NGFMs should be considered in addition to, and not as a substitute for, financial measures presented in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” beginning on page 12 for detail on the adjustments to our NGFMs. We also provide our expectation of forward-looking NGFMs. A reconciliation of forward-looking NGFMs to comparable GAAP measures is not available without unreasonable effort because of inherent difficulty in forecasting and quantifying the comparable GAAP measures and the applicable adjustments and other amounts that would be necessary for such a reconciliation, including due to potentially high variability, complexity and low visibility as to the applicable adjustments and other amounts which could have an unpredictable and potentially disproportionate impact on future GAAP results, such as the impact of Aerojet Rocketdyne, costs associated with LHX NeXt, potential divestitures and their timing, other unusual gains and losses and extent of tax deductibility.

Conference Call and Webcast

L3Harris Technologies will host a call tomorrow, July 26, 2024, at 8:30 a.m. Eastern Time (ET).

The dial-in numbers for the teleconference are (U.S.) 877-407-6184 and (International) 201-389-0877, and participants will be directed to an operator. Participants are encouraged to listen via webcast, which will be broadcast live at L3Harris.com/investors. A recording of the call will be available on the L3Harris website, beginning at approximately 12 p.m. ET on July 26, 2024.

About L3Harris Technologies

L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers’ mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.

Forward-Looking Statements

Statements in this earnings release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this earnings release include but are not limited to: potential divestitures and their timing; 2024 guidance; 2026 financial framework; anticipated LHX NeXt initiative costs and savings targets and their impacts; supplemental financial information for 2024; and other statements regarding the business outlook and financial performance guidance that are not historical facts. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including but not limited to: competitive markets and U.S. Government spending priorities; changes in the mix of fixed-price, cost-plus and time-and-material type contracts and the impact of a significant increase in or sustained period of increased inflation; the termination, impact of regulations, failure to fund, or negative audit findings for U.S. Government contracts; uncertain economic conditions; the consequences of future geo-political events; the impact of government investigations; the risks of doing business internationally; disruptions to our supply chain; the attraction and retention of key employees; the ability to develop new products and services and technologies that achieve market acceptance; natural disasters or other significant business disruptions; inability to achieve the expected results of LHX NeXt; indebtedness and ability to make payments on, repay or service indebtedness; unfunded defined benefit plans liability; the level of returns on defined benefit plan assets, changes in interest rates and other market factors; changes in effective tax rate or additional tax exposures; the ability to obtain export licenses or make sales to foreign governments; unforeseen environmental issues; the outcome of litigation or arbitration; potential claims related to infringement of intellectual property rights or environmental remediation or other contingencies; expanded operations, including related to handling of dangerous materials; risks related to other strategic transactions, including pending and contemplated divestitures. Further information relating to these and other factors that may impact the company's results, future trends and forward-looking statements are disclosed in the company's filings with the SEC. The forward-looking statements contained in this earnings release are made as of the date of this earnings release, and the company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons reading this earnings release are cautioned not to place undue reliance on forward-looking statements.

Financial Tables

To see the entire earnings tables, please see: https://www.l3harris.com/resources/second-quarter-2024-results

¹Key terms and Non-GAAP measures - see definitions at the end of this earnings release

Key Terms and Non-GAAP Definitions

Description	Definition
Amortization of acquisition-related intangibles and additional cost of revenue related to the fair value step-up in inventory sold	Consists of amortization of identifiable intangible assets acquired in connection with business combinations. Amortization charges are recorded over the estimated useful life of the related acquired intangible asset, and thus are generally recorded over multiple years. Additional cost of revenue related to the fair value step-up in inventory is the difference between the balance sheet value of inventory from the acquiree and the acquisition date fair value.
Merger, acquisition, and divestiture-related expenses	Transaction and integration expenses associated with TDL and AR acquisitions. Also, includes external costs related to pursuing acquisition and divestiture portfolio optimization, non-transaction costs related to divestitures and salaries of employees in roles established for and dedicated to planned divestiture and acquisition activity.
Asset group and business divestiture-related losses, net and impairment of goodwill and other assets	In 2023, includes a gain on sale of our Visual Information Solutions business, impairment of contract assets and other assets related to the restructuring of a customer contract and impairment of in-process research and development associated with a facility closure. In 2024, includes loss on sale and impairment of goodwill recognized in connection with the sale of our antenna and related businesses and a loss associated with the pending divestiture of our Commercial Aviation Solutions business.
LHX NeXt implementation costs	Costs associated with reducing costs and transforming the Company and its systems and processes to increase agility and competitiveness. Costs related to the LHX NeXt initiative are expected to continue through 2025, and are expected to include workforce optimization costs ($1M in 2Q24 and $65M in 2Q24 YTD) and incremental IT expenses for implementation of new systems, third-party consulting expenses and other related costs, including costs related to personnel dedicated to this project ($47M in 2Q24 and $110M in 2Q24 YTD), totaling $400M. We expect gross run-rate savings of $1B exiting year 3.
Orders	Represents the total value of funded and unfunded contract awards received from the U.S. Government, plus the total value of funded and unfunded contract awards received from customers other than the U.S. Government. This includes incremental funding and adjustments to previous awards, and excludes unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity (IDIQ) contracts.
Organic revenue	Organic revenue excludes the impact of completed divestitures and first year revenue associated with acquisitions; refer to non-GAAP financial measure (NGFM) reconciliations in the tables accompanying this earnings release and to the disclosures in the non-GAAP section of this earnings release for more information. Organic revenue is reconciled in table 4.
Adjusted segment operating income and margin	Adjusted segment operating income and margin on a consolidated basis represents operating income and margin (GAAP measures) excluding the FAS/CAS operating adjustment; corporate unallocated items; amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related losses (gains), net, impairment of goodwill and other assets; and LHX NeXt implementation costs. Refer to the disclosures in the non-GAAP financial measures section of this earnings release for more information. Adjusted segment operating income and margin is reconciled in table 5.
Non-GAAP EPS	Non-GAAP EPS represents EPS (net income per diluted common share attributable to L3Harris Technologies, Inc. common shareholders, a GAAP measure) adjusted for amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related losses (gains), net, impairment of goodwill and other assets; and LHX NeXt implementation costs. Refer to the disclosures in the non-GAAP financial measures section of this earnings release for more information. Non-GAAP EPS is reconciled in table 7.
Adjusted Free Cash Flow (FCF)	Adjusted FCF represents net cash provided by operating activities (a GAAP measure) less capital expenditures (additions to property, plant and equipment less proceeds from sale of property, plant and equipment, net), cash used for merger, acquisition, and severance. Adjusted FCF is reconciled in table 8.
Cash used for merger, acquisition, and severance	Cash related to merger and acquisition expenses as discussed in the "merger, acquisition, and divestiture-related expenses" heading above and cash related to severance costs included in our LHX NeXt implementation costs.
Non-GAAP income before income taxes	Non-GAAP income before income taxes represents income before income taxes, a GAAP measure, adjusted for amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related losses (gains), net, impairment of goodwill and other assets; and LHX NeXt implementation costs. Refer to the disclosures in the non-GAAP financial measures section of this earnings release for more information.
Effective tax rate on non-GAAP income	Effective tax rate on non-GAAP income represents the effective tax rate (tax expense as a percentage of income before income taxes, a GAAP measure) adjusted for the tax effect associated with amortization of acquisition-related intangibles; additional cost of revenue related to the fair value step-up in inventory sold; merger, acquisition, and divestiture-related expenses; asset group and business divestiture-related losses (gains), net, impairment of goodwill and other assets; and LHX NeXt implementation costs. Refer to the disclosures in the non-GAAP financial measures section of this earnings release for more information. Non-GAAP effective tax rate is reconciled in table 6.

 

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Investor Relations Contact:

Daniel Gittsovich, 321-724-3170

investorrelations@l3harris.com

Media Relations Contact:

Sara Banda, 321-306-8927

media@l3harris.com

Source: L3Harris Technologies

FAQ

What was L3Harris Technologies' (LHX) revenue in Q2 2024?

L3Harris Technologies reported revenue of $5.3 billion in Q2 2024, representing a 13% increase compared to the same period last year.

How much did L3Harris Technologies' (LHX) non-GAAP EPS grow in Q2 2024?

L3Harris Technologies' non-GAAP EPS grew by 9% to $3.24 in Q2 2024, compared to $2.97 in Q2 2023.

What is L3Harris Technologies' (LHX) updated revenue guidance for 2024?

L3Harris Technologies increased its 2024 revenue guidance range to $21.0 billion - $21.3 billion, up from the previous range of $20.8 billion - $21.3 billion.

What was L3Harris Technologies' (LHX) book-to-bill ratio in Q2 2024?

L3Harris Technologies reported a book-to-bill ratio of 1.0x in Q2 2024, indicating a balance between new orders and completed deliveries.

How did L3Harris Technologies' (LHX) adjusted segment operating margin change in Q2 2024?

L3Harris Technologies' adjusted segment operating margin improved by 80 basis points to 15.6% in Q2 2024 compared to the same period last year.