L3Harris Technologies Reports Strong Second Quarter 2024 Results, Increases 2024 Guidance
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.
L3Harris Technologies (NYSE: LHX) ha registrato risultati solidi nel secondo trimestre del 2024 e ha aumentato le sue previsioni per il 2024. I punti salienti includono:
- Fatturato di 5,3 miliardi di dollari, in aumento del 13% rispetto all'anno precedente
- Ordini di 5,2 miliardi di dollari con un rapporto ordini/fatturato di 1,0x
- Margine operativo del 9,0%; margine operativo segmentale rettificato del 15,6%
- EPS diluito di 1,92 dollari; EPS non-GAAP di 3,24 dollari, in aumento del 9% rispetto al secondo trimestre del 2023
L3Harris ha alzato le sue previsioni per il 2024:
- Fatturato previsto tra 21,0 miliardi - 21,3 miliardi di dollari
- Previsione del margine operativo segmentale rettificato aumentata al 15,2% - 15,4%
- Intervallo di previsione EPS non-GAAP aumentato a 12,85 - 13,15 dollari
Le ottime performance dell'azienda riflettono il suo impegno per l'eccellenza operativa e l'esecuzione, nonché i progressi verso il suo quadro finanziario del 2026.
L3Harris Technologies (NYSE: LHX) reportó resultados sólidos en el segundo trimestre de 2024 y aumentó su guía para 2024. Los puntos destacados incluyen:
- Ingresos de 5.3 mil millones de dólares, un aumento del 13% interanual
- Órdenes de 5.2 mil millones de dólares con un ratio de reservas a facturación de 1.0x
- Margen operativo del 9.0%; margen operativo ajustado del segmento del 15.6%
- EPS diluido de 1.92 dólares; EPS no-GAAP de 3.24 dólares, un aumento del 9% respecto al segundo trimestre de 2023
L3Harris elevó su guía para 2024:
- Rango de ingresos incrementado a 21.0B - 21.3B de dólares
- Guía de margen operativo ajustado del segmento aumentada al 15.2% - 15.4%
- Rango de guía para EPS no-GAAP elevado a 12.85 - 13.15 dólares
El sólido desempeño de la compañía refleja su enfoque en la excelencia operativa y la ejecución, así como los avances hacia su marco financiero de 2026.
L3Harris Technologies (NYSE: LHX)는 2024년 2분기 강력한 실적을 발표하고 2024년 전망을 상향 조정했습니다. 주요 사항은 다음과 같습니다:
- 매출 53억 달러, 전년 대비 13% 증가
- 주문 52억 달러, 수주 대금 비율 1.0x
- 운영 마진 9.0%; 조정된 부문 운영 마진 15.6%
- 희석 주당 순이익 1.92달러; 비GAAP 주당 순이익 3.24달러, 2023년 2분기 대비 9% 증가
L3Harris는 2024년 전망을 상향 조정했습니다:
- 매출 범위가 210억 - 213억 달러로 증가
- 조정된 부문 운영 마진 가이드라인을 15.2% - 15.4%로 증가
- 비GAAP 주당 순이익 가이드라인 범위가 12.85 - 13.15달러로 상향 조정
회사의 강력한 성과는 운영 우수성과 실행에 대한 집중과 2026년 재무 프레임워크를 향한 진행을 반영합니다.
L3Harris Technologies (NYSE: LHX) a annoncé des résultats solides pour le deuxième trimestre 2024 et a relevé ses prévisions pour 2024. Les points clés incluent :
- Chiffre d'affaires de 5,3 milliards de dollars, en hausse de 13 % par rapport à l'année précédente
- Commandes de 5,2 milliards de dollars avec un ratio commandes/facturation de 1,0x
- Marge opérationnelle de 9,0 % ; marge opérationnelle segmentaire ajustée de 15,6 %
- BPA dilué de 1,92 dollar; BPA non-GAAP de 3,24 dollars, en hausse de 9 % par rapport au deuxième trimestre 2023
L3Harris a relevé ses prévisions pour 2024 :
- Plage de chiffre d'affaires augmentée à 21,0 Mds - 21,3 Mds de dollars
- Prévisions de marge opérationnelle segmentaire ajustée augmentées à 15,2 % - 15,4 %
- Plage de prévisions BPA non-GAAP augmentée à 12,85 - 13,15 dollars
La solide performance de l'entreprise reflète son engagement envers l'excellence opérationnelle et l'exécution, ainsi que des progrès vers son cadre financier de 2026.
L3Harris Technologies (NYSE: LHX) hat im zweiten Quartal 2024 starke Ergebnisse gemeldet und seine Prognose für 2024 angehoben. Zu den Highlights gehören:
- Umsatz von 5,3 Milliarden Dollar, ein Plus von 13% im Jahresvergleich
- Aufträge von 5,2 Milliarden Dollar mit einem Auftrags-zu-Rechnung-Verhältnis von 1,0x
- Betriebsergebnis-Marge von 9,0%; adjustierte segmentale Betriebsergebnis-Marge von 15,6%
- Verwässerter Gewinn pro Aktie von 1,92 Dollar; non-GAAP Gewinn pro Aktie von 3,24 Dollar, 9% höher als im Q2 2023
L3Harris hat seine Prognose für 2024 angehoben:
- Umsatzspanne auf 21,0Mrd. - 21,3Mrd. Dollar erhöht
- Prognose für die adjustierte segmentale Betriebsergebnis-Marge auf 15,2% - 15,4% angehoben
- Non-GAAP Gewinn pro Aktie Prognosebereich auf 12,85 - 13,15 Dollar angehoben
Die starke Leistung des Unternehmens spiegelt seinen Fokus auf operative Exzellenz und Ausführung wider sowie Fortschritte in Richtung seines Finanzrahmens für 2026.
- 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
- 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
L3Harris Technologies' Q2 2024 results demonstrate robust performance and positive momentum. The company reported revenue of
The company's improved operational efficiency is evident in its adjusted segment operating margin of
L3Harris has raised its full-year 2024 guidance, reflecting confidence in its business outlook. The revenue guidance has been increased to
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.
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
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
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
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
; book-to-bill of 1.0x$5.2 billion -
Revenue of
, up$5.3 billion 13% -
Operating margin of
9.0% ; adjusted segment operating margin1 of15.6% -
Diluted earnings per share (EPS) of
; non-GAAP EPS1 of$1.92 $3.24 -
2024 revenue guidance range increases from
-$20.8B to$21.3B -$21.0B $21.3B -
2024 adjusted segment operating margin1 guidance increases from >
15% to15.2% -15.4% * -
2024 Non-GAAP EPS guidance range increases from
-$12.70 to$13.05 -$12.85 *$13.15
"We delivered another strong quarter of financial results with improved margins, reflecting our commitment to operational excellence and a relentless focus on execution that delivers value to our customers and shareholders," said Christopher E. Kubasik, Chair and CEO.
Kubasik added, "As we celebrate the five year anniversary of the L3 and Harris merger, I'm proud of the progress we've made as the industry's Trusted Disruptor. Our first half results reflect progress toward achieving our 2026 financial framework. We are raising our revenue, margin and EPS guidance for the year, underscoring the tangible results of our LHX NeXt initiative, which is focused on streamlining our operations and enhancing our efficiency while transforming the company."
* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.
SUMMARY FINANCIAL RESULTS AND 2024 GUIDANCE
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Second Quarter |
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Year to Date |
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2024 Guidance* |
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($ millions, except per share data) |
2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenue |
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Space & Airborne Systems |
$ |
1,707 |
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$ |
1,715 |
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$ |
3,458 |
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$ |
3,370 |
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Integrated Mission Systems |
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1,729 |
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1,735 |
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3,398 |
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3,435 |
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Communication Systems |
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1,346 |
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1,289 |
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2,640 |
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2,452 |
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Aerojet Rocketdyne |
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581 |
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— |
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1,123 |
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— |
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Corporate eliminations |
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(64 |
) |
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(46 |
) |
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(109 |
) |
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(93 |
) |
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Revenue |
$ |
5,299 |
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$ |
4,693 |
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13 |
% |
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$ |
10,510 |
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$ |
9,164 |
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15 |
% |
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(Prior: |
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Operating income |
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Space & Airborne Systems |
$ |
215 |
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$ |
168 |
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28 |
% |
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$ |
431 |
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$ |
355 |
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21 |
% |
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Integrated Mission Systems |
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206 |
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162 |
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27 |
% |
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396 |
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347 |
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14 |
% |
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Communication Systems |
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329 |
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325 |
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1 |
% |
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639 |
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591 |
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8 |
% |
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Aerojet Rocketdyne |
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75 |
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— |
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n/a |
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147 |
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— |
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n/a |
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Unallocated items |
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(349 |
) |
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(255 |
) |
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(759 |
) |
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(500 |
) |
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Operating income |
$ |
476 |
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|
$ |
400 |
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|
19 |
% |
|
$ |
854 |
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$ |
793 |
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|
8 |
% |
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Operating margin |
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9.0 |
% |
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8.5 |
% |
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50 bps |
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8.1 |
% |
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8.7 |
% |
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(60) bps |
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Adjusted segment operating income1 |
$ |
825 |
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$ |
694 |
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19 |
% |
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$ |
1,613 |
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$ |
1,332 |
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21 |
% |
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Adjusted segment operating margin1 |
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15.6 |
% |
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14.8 |
% |
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80 bps |
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15.3 |
% |
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14.5 |
% |
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80 bps |
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(Prior: > |
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Effective tax rate (GAAP) |
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5.9 |
% |
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5.6 |
% |
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30 bps |
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4.1 |
% |
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7.4 |
% |
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(330) bps |
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Effective tax rate (non-GAAP1) |
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12.9 |
% |
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13.3 |
% |
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(40) bps |
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13.0 |
% |
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13.4 |
% |
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(40) bps |
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EPS |
$ |
1.92 |
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$ |
1.83 |
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5 |
% |
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$ |
3.40 |
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$ |
3.60 |
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(6 |
%) |
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Non-GAAP EPS1 |
$ |
3.24 |
$ |
2.97 |
9 |
% |
$ |
6.30 |
$ |
5.82 |
8 |
% |
(Prior: |
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Cash from operations |
$ |
754 |
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$ |
414 |
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82 |
% |
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$ |
650 |
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$ |
764 |
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(15 |
%) |
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Adjusted free cash flow1 |
$ |
714 |
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$ |
342 |
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109 |
% |
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$ |
558 |
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$ |
657 |
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(15 |
%) |
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~2.2B |
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*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
* 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
Adjusted segment operating margin1: Expanded 80 bps to
EPS:
GAAP: Second quarter EPS increased
Non-GAAP1: Increased
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
Adjusted free cash flow1: Delivered
SEGMENT RESULTS AND GUIDANCE:
SAS
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Second Quarter |
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Year to Date |
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2024 Guidance* |
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($ millions) |
2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenue |
$ |
1,707 |
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$ |
1,715 |
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— |
% |
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$ |
3,458 |
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$ |
3,370 |
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3 |
% |
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Operating margin |
|
12.6 |
% |
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|
9.8 |
% |
|
280 bps |
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12.5 |
% |
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10.5 |
% |
|
200 bps |
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low
(Prior ~ |
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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
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
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Second Quarter |
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Year to Date |
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2024 Guidance* |
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($ millions) |
2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenue |
$ |
1,729 |
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$ |
1,735 |
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— |
% |
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$ |
3,398 |
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$ |
3,435 |
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(1 |
)% |
|
(Prior |
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Operating margin |
|
11.9 |
% |
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|
9.3 |
% |
|
260 bps |
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|
11.7 |
% |
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|
10.1 |
% |
|
160 bps |
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mid
(Prior low-mid |
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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
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Second Quarter |
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Year to Date |
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2024 Guidance* |
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($ millions) |
2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenue |
$ |
1,346 |
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$ |
1,289 |
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4 |
% |
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$ |
2,640 |
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$ |
2,452 |
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8 |
% |
|
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Operating margin |
|
24.4 |
% |
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|
25.2 |
% |
|
(80) bps |
|
|
24.2 |
% |
|
|
24.1 |
% |
|
10 bps |
|
mid
(Prior low-mid |
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Revenue: Second quarter revenue increased
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
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Second Quarter |
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Year to Date |
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2024 Guidance* |
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($ millions) |
2024 |
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2023 |
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Change |
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2024 |
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2023 |
|
Change |
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Revenue |
$ |
581 |
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$ |
— |
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$ |
1,123 |
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$ |
— |
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Operating margin |
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12.9 |
% |
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— |
% |
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13.1 |
% |
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— |
% |
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high |
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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:
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2024* |
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2023 |
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Other Information |
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Current |
Prior |
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Actuals |
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FAS/CAS operating adjustment |
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Non-service FAS pension income |
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Net interest expense |
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Effective tax rate on GAAP income |
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Effective tax rate on non-GAAP income1 |
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Average diluted shares |
|
Flat |
Flat - up slightly |
|
190.6 |
|
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Capital expenditures |
|
~ |
~ |
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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 (
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
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 ( |
Orders |
Represents the total value of funded and unfunded contract awards received from the |
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725558614/en/
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
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