Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed its 10-K for the fiscal year ended July 1, 2011, showcasing a year of significant strategic acquisitions and growth. The company reported a revenue increase of 13.8% to $5.9 billion, driven by strong performance in its RF Communications segment, particularly international tactical communications, and contributions from newly acquired entities. Income from continuing operations grew by 4.7% to $588 million, reflecting a robust operational performance despite integration costs from acquisitions and increased interest expenses. The company highlighted its focus on leveraging technology, expanding into new markets through strategic acquisitions like CapRock, Schlumberger GCS, and Carefx, and optimizing operations for continued profitable growth. L3Harris also demonstrated its commitment to shareholder returns by increasing its quarterly cash dividend and approving a new $1 billion share repurchase program, underscoring its solid financial foundation and confidence in future prospects.
Financial Highlights
30 data points| Revenue | $5.42B |
| Cost of Revenue | $3.53B |
| Gross Profit | $1.89B |
| Operating Expenses | $890.90M |
| Operating Income | $599.60M |
| Interest Expense | $90.40M |
| Net Income | $588.00M |
| EPS (Basic) | $4.63 |
| EPS (Diluted) | $4.60 |
| Shares Outstanding (Basic) | 116.10M |
| Shares Outstanding (Diluted) | 126.30M |
Key Highlights
- 1Revenue increased by 13.8% to $5.9 billion in fiscal year 2011, driven by strong international sales in the RF Communications segment and contributions from recent acquisitions.
- 2Income from continuing operations rose by 4.7% to $588 million, demonstrating operational efficiency and growth.
- 3The company successfully integrated three significant acquisitions in fiscal year 2011: CapRock, Schlumberger GCS, and Carefx, expanding its capabilities in satellite communications, energy sector services, and healthcare IT.
- 4A new $1 billion share repurchase program was approved, indicating a commitment to returning capital to shareholders and confidence in the company's financial health.
- 5The quarterly cash dividend was increased from $0.25 to $0.28 per share, marking the tenth consecutive annual increase and signaling consistent shareholder value.
- 6The RF Communications segment showed robust growth with a 10.7% revenue increase, supported by demand for tactical radio communications and public safety systems.
- 7Government Communications Systems segment revenue grew slightly by 1.7%, demonstrating stability, while Integrated Network Solutions saw significant revenue growth of 33.7%, largely due to acquisitions.