Summary
L3Harris Technologies, Inc. (LHX) reported its fiscal year results ending January 1, 2021, demonstrating resilience and strategic execution despite the challenging economic environment shaped by COVID-19. The company experienced a significant increase in consolidated revenue to $18.2 billion, largely driven by the inclusion of L3 operations post-merger. Pro forma revenue showed a modest 1% increase, reflecting growth in core U.S. Government and international businesses, partially offset by divestitures and COVID-related impacts on commercial aviation and public safety segments. While income from continuing operations saw a decrease compared to the pro forma prior year, mainly due to significant non-cash impairment charges related to the commercial aviation downturn, the company maintained a strong backlog of $21.7 billion at year-end. L3Harris continued its commitment to shareholder returns by increasing its quarterly dividend and authorizing substantial share repurchases, underscoring its confidence in future performance and cash generation. The company's strategic focus remains on technology-driven growth, operational excellence, and portfolio reshaping, positioning it to capitalize on key defense priorities and international market opportunities.
Financial Highlights
57 data points| Revenue | $17.81B |
| Cost of Revenue | $14.31B |
| Gross Profit | $3.51B |
| SG&A Expenses | $3.28B |
| Operating Income | $2.11B |
| Interest Expense | $270.00M |
| Net Income | $1.84B |
| EPS (Basic) | $9.17 |
| EPS (Diluted) | $9.09 |
| Shares Outstanding (Basic) | 201.30M |
| Shares Outstanding (Diluted) | 203.20M |
Key Highlights
- 1Consolidated revenue increased 42% to $18.2 billion in fiscal 2020 compared to the prior year period, largely due to the inclusion of L3 operations.
- 2Pro forma revenue increased 1% to $18.2 billion, indicating resilience and growth in core U.S. and international businesses.
- 3The company recorded $767 million in impairment charges for goodwill and other assets, primarily driven by COVID-19 impacts on the commercial aviation sector.
- 4Total backlog increased 5% to $21.7 billion as of January 1, 2021.
- 5Net cash provided by operating activities significantly increased to $2.79 billion in fiscal 2020.
- 6L3Harris announced a 20% increase in its quarterly dividend to $1.02 per share and a new $6 billion share repurchase authorization, signaling a strong commitment to shareholder returns.