Summary
L3Harris Technologies, Inc. (LHX) reported its financial results for the quarter ending December 28, 2012. Total revenue for the quarter was $1,286.9 million, a slight decrease of 1.8% compared to the same period in the previous year. Despite the revenue dip, income from continuing operations saw a positive increase of 2.7% to $138.5 million, leading to a diluted earnings per share of $1.25, up from $1.18 year-over-year. The company continued its strategic divestiture of non-core assets, with the sale of Broadcast Communications expected to close in early 2013. This divestiture, along with the exit from cyber integrated solutions, led to significant charges related to discontinued operations, resulting in a net loss for the current reporting period. However, excluding these items, the core business demonstrated operational resilience with improved profitability.
Key Highlights
- 1Revenue for the quarter was $1,286.9 million, a 1.8% decrease compared to the prior year's quarter.
- 2Income from continuing operations increased by 2.7% to $138.5 million.
- 3Diluted earnings per share from continuing operations rose to $1.25 from $1.18 in the prior year's quarter.
- 4The company recorded a significant loss from discontinued operations due to asset write-downs related to the sale of Broadcast Communications.
- 5The RF Communications segment saw a revenue decrease of 7.6%, while Government Communications Systems revenue increased by 3.9%.
- 6Integrated Network Solutions segment revenue grew by 2.8%, with significant operating income growth of 66.2%.
- 7Net cash provided by operating activities remained strong at $279.5 million for the first two quarters of the fiscal year.