Summary
L3Harris Technologies, Inc. (LHX) demonstrated solid performance in fiscal year 2024, with total revenue reaching $21.3 billion, a significant increase driven primarily by the full-year inclusion of Aerojet Rocketdyne (AR) following its acquisition. The company maintained strong operational performance across its four segments: Space & Airborne Systems (SAS), Integrated Mission Systems (IMS), Communication Systems (CS), and Aerojet Rocketdyne (AR). Notably, IMS saw substantial operating income growth due to the absence of prior year goodwill impairment charges and improved program performance. The company's strategic priorities remain focused on performance, growth, and innovation. L3Harris ended the fiscal year with a robust backlog of $34.2 billion, indicating strong future revenue potential. Investments in company-funded R&D totaled $515 million, underscoring a commitment to technological advancement. The company also made progress on its LHX NeXt initiative aimed at enhancing organizational agility and competitiveness, with significant investments in enterprise tools and process optimization. L3Harris continued its commitment to shareholder returns by paying quarterly dividends and repurchasing shares, with $3.38 billion remaining on its share repurchase authorization.
Financial Highlights
52 data points| Revenue | $21.32B |
| Cost of Revenue | $15.80B |
| Gross Profit | $5.52B |
| SG&A Expenses | $3.57B |
| Operating Income | $1.92B |
| Net Income | $1.50B |
| EPS (Basic) | $7.91 |
| EPS (Diluted) | $7.87 |
| Shares Outstanding (Basic) | 189.80M |
| Shares Outstanding (Diluted) | 190.70M |
Key Highlights
- 1Total revenue increased to $21.3 billion in fiscal 2024, up from $19.4 billion in fiscal 2023, largely due to the full-year impact of the Aerojet Rocketdyne acquisition.
- 2Backlog grew by 5% to $34.2 billion at the end of fiscal 2024, signaling strong future revenue potential.
- 3Company-funded R&D investment was $515 million (2% of total revenue), focused on expanding capabilities across key domains.
- 4IMS segment operating income saw a significant increase of 83%, driven by improved program performance, cost savings, and the absence of a large goodwill impairment charge from the prior year.
- 5CS segment demonstrated consistent growth with revenue up 8% and operating margin stable at 24.3%, supported by demand for communication equipment and vision solutions.
- 6The company repurchased $554 million of its common stock in fiscal 2024, with $3.38 billion remaining on its share repurchase authorization.
- 7L3Harris is strategically realigning its businesses and investing in its LHX NeXt initiative to drive operational efficiency and competitiveness.