10-KPeriod: FY2008

L3HARRIS TECHNOLOGIES, INC. /DE/ Annual Report, Year Ended Jun 27, 2008

Filed August 26, 2008For Securities:LHX

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) reported a solid fiscal year ended June 27, 2008, with total revenue reaching $5.31 billion, a 25.2% increase year-over-year. This growth was driven by strong performance across all four segments, particularly in Defense Communications and Electronics and Government Communications Systems, bolstered by acquisitions and organic demand. Despite revenue growth, net income saw a slight decrease to $444.2 million from $480.4 million in the prior year, primarily due to a significant gain from a business combination in the prior year, partially offset by increased operating expenses and integration costs. The company continues to invest heavily in research and development to maintain its technological edge and expects continued revenue growth in fiscal year 2009.

Financial Highlights

29 data points
Beta

Revenue

$4.60B

0.3% Gross Margin

Net Income

$444.20M

0.1% Net Margin

EPS (Diluted)

$3.24

Free Cash Flow

$426.20M

Financial Statements
Beta
Revenue$4.60B
Cost of Revenue$3.15B
Gross Profit$1.45B
Operating Expenses$746.50M
Operating Income$453.50M
Interest Expense$53.10M
Net Income$444.20M
EPS (Basic)$3.29
EPS (Diluted)$3.24
Shares Outstanding (Diluted)136.20M

Key Highlights

  • 1Total revenue increased by 25.2% to $5.31 billion, driven by strong performance in all four business segments.
  • 2Net income decreased by 7.5% to $444.2 million, mainly due to a large gain from a business combination in the prior fiscal year.
  • 3The Defense Communications and Electronics segment saw revenue grow by 18.9% and operating income by 23.1%, driven by demand for tactical radios like the Falcon III.
  • 4Government Communications Systems revenue grew by 32.2%, supported by the acquisition of Multimax and strong performance in civil and intelligence programs.
  • 5Harris Stratex Networks segment revenue increased by 41.4%, though it reported an operating loss of $28.5 million due to integration costs and accounting adjustments.
  • 6The company repurchased approximately $225 million of its common stock during fiscal year 2008 and announced an increase in its quarterly dividend.
  • 7Research and development expenditures increased to $1.007 billion, reflecting continued investment in new technologies.

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