Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) reported strong financial performance for the fiscal year ended June 29, 2007. The company saw a significant increase in both revenue, up 22.1% to $4.2 billion, and net income, which more than doubled to $480.4 million. This growth was largely driven by robust performance in the RF Communications segment and the strategic combination with Stratex Networks, which formed the Harris Stratex Networks segment. The company also completed the acquisition of Multimax, further strengthening its position in the information technology and communications services market for the U.S. government. Key drivers for the year included continued demand for tactical radio modernization programs and the successful integration of recent acquisitions. L3Harris demonstrated a commitment to returning value to shareholders through increased dividends and a significant share repurchase program. The company's diversified business segments, serving both government and commercial markets, provide a stable revenue base, with a strong emphasis on technologically advanced communication and information technology solutions.
Key Highlights
- 1Total revenue increased by 22.1% to $4.2 billion in fiscal year 2007.
- 2Net income more than doubled, increasing by 101.9% to $480.4 million.
- 3Significant growth was seen in the RF Communications segment (+45.8%) and the newly combined Harris Stratex Networks segment (+45.7%).
- 4The company acquired Multimax Incorporated, expanding its IT and communications services for the U.S. government.
- 5The company completed the combination of its Microwave Communications Division with Stratex Networks, Inc., creating Harris Stratex Networks, Inc.
- 6The dividend payout increased, reflecting the company's financial strength and commitment to shareholder returns.
- 7Research and development expenditures increased to $924 million, signaling continued investment in innovation.