Summary
L3Harris Technologies, Inc. (LHX), formerly Harris Corporation, filed its 10-K for the fiscal year ending June 28, 2018, showcasing robust financial performance and strategic positioning within defense and government sectors. The company reported strong revenue growth and improved profitability, driven by its three core segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. Significant contract wins and a substantial backlog indicate continued demand for its technology-driven solutions. The company also highlighted its commitment to shareholder returns through dividends and share repurchases, alongside strategic investments in innovation and operational efficiency. Overall, L3Harris demonstrated resilience and growth, underscored by its focus on mission-critical, high-margin businesses. The company's strong customer relationships, particularly with the U.S. Government, and its diversified portfolio of advanced technology products and services position it favorably for future expansion. Investors can find confidence in the company's strategic execution, financial discipline, and ongoing efforts to enhance shareholder value.
Financial Highlights
30 data points| Revenue | $6.18B |
| Cost of Revenue | $2.10B |
| Gross Profit | $4.08B |
| SG&A Expenses | $583.00M |
| Operating Expenses | $1.18B |
| Operating Income | $1.12B |
| Interest Expense | $170.00M |
| Net Income | $700.00M |
| EPS (Basic) | $3.71 |
| EPS (Diluted) | $3.64 |
| Shares Outstanding (Basic) | 117.80M |
| Shares Outstanding (Diluted) | 120.30M |
Key Highlights
- 1Revenue growth of 5% to $6.2 billion in fiscal 2018, driven by increased demand in Communication Systems and Electronic Systems segments.
- 2Income from continuing operations increased by 13% to $721 million, with a corresponding increase in diluted EPS to $5.94.
- 3Strong backlog of $5.2 billion at fiscal year-end 2018, indicating robust future revenue potential.
- 4Continued commitment to shareholder returns with a 17% increase in quarterly cash dividend rate and active share repurchase program.
- 5Operational excellence program (HBX) and investments in R&D are driving efficiency and innovation across all segments.
- 6Significant portion of revenue (75%) derived from U.S. Government customers, highlighting strategic importance and market penetration.
- 7Successful integration of Exelis acquisition and strategic divestitures of non-core assets have streamlined operations and focused on high-margin businesses.