L3HARRIS TECHNOLOGIES, INC. /DE/ Quarterly Report for Q1 Ended Mar 31, 2017

Summary

L3Harris Technologies (LHX) reported its financial results for the fiscal third quarter ending March 31, 2017. The company experienced a slight decrease in revenue compared to the prior year, primarily driven by lower sales in its Communication Systems and Electronic Systems segments. Despite the revenue dip, income from continuing operations and earnings per diluted share saw modest increases, indicating improved profitability and operational efficiency. A significant strategic shift is underway with the completed divestiture of the Harris CapRock Communications commercial business and the pending sale of its government IT services business, both reported as discontinued operations. These divestitures are part of a strategy to sharpen focus on core franchises where technology is a key differentiator. The company also continued its share repurchase program and maintained its quarterly cash dividend, signaling confidence in its financial health and commitment to returning value to shareholders.

Key Highlights

• 1Revenue for the third quarter decreased by 4% year-over-year to $1.49 billion.
• 2Income from continuing operations increased by 3% to $164 million, with diluted EPS rising 4% to $1.31.
• 3The company divested its Harris CapRock Communications business and entered into an agreement to sell its government IT services business, classifying both as discontinued operations.
• 4Strategic restructuring led to the elimination of the Critical Networks segment, with its remaining operations integrated into the Electronic Systems segment.
• 5Net cash provided by operating activities for the first three quarters was $489 million, a slight decrease from the prior year's $507 million.
• 6The company repurchased approximately 3.03 million shares of common stock during the third fiscal quarter for $361 million.

Frequently Asked Questions