What are the key financial updates provided in this filing?

This filing provides L3Harris Technologies' (Harris Corporation) results for the second quarter of fiscal year 2010 and updates the company's financial guidance for the full fiscal year 2010, including expected income per diluted share and revenue.

Why is the company using non-GAAP financial measures?

The company is using non-GAAP financial measures to provide investors with a clearer view of its operating performance and trends by excluding certain costs and impacts, such as those related to recent acquisitions and specific program adjustments. Management believes these measures help to better understand the underlying business performance separate from items that may disproportionately affect results in a particular period.

Are the non-GAAP measures a replacement for GAAP financial information?

No, the non-GAAP financial measures are presented as supplemental information and should be viewed in addition to, not in lieu of, financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). The company provides reconciliations to the most directly comparable GAAP measures in the accompanying press release.

What specific acquisitions are being adjusted for in the non-GAAP measures?

The non-GAAP adjustments exclude costs associated with the acquisitions of the Tyco Electronics Wireless Systems business, Crucial Security, Inc., the Air Traffic Control business unit of SolaCom Technologies Inc., and Patriot Technologies, LLC.

LHX 8-K: Earnings & Results & Regulation FD

Summary

This 8-K filing from L3Harris Technologies (formerly Harris Corporation) announces the company's financial results for its second quarter of fiscal year 2010, released on January 27, 2010. The report includes updated financial guidance for the full fiscal year 2010, covering expected income from continuing operations per diluted share and revenue. Investors should note that the company is presenting certain financial measures on a non-GAAP basis, adjusting for the impacts of specific acquisition-related costs and other factors. These non-GAAP measures are provided to offer a clearer view of underlying operational trends and performance. The company emphasizes that these non-GAAP figures are supplemental to GAAP-based reporting and are intended to aid investors in analyzing trends and understanding performance. Management believes these adjusted figures provide valuable insights by isolating specific items that might disproportionately affect reported results in any given period. Investors are encouraged to review the provided press release and accompanying financial tables, which include reconciliations of these non-GAAP measures to their most directly comparable GAAP figures, for a comprehensive understanding of the company's financial health.

Key Highlights

1Harris Corporation (now L3Harris Technologies) reported Q2 FY2010 results and updated FY2010 guidance.
2The filing includes information on expected income from continuing operations per diluted share and revenue for FY2010.
3The company is presenting non-GAAP financial measures to provide a clearer operational view.
4Non-GAAP adjustments exclude costs related to several acquisitions: Tyco Electronics Wireless Systems, Crucial Security, SolaCom ATC, and Patriot Technologies.
5Adjustments also include specific calculations for Q2 2009 EPS and revenue growth for the Government Communications Systems segment.
6Harris management believes non-GAAP measures help investors analyze trends and understand performance, separate from period-specific impacts.
7A press release (Exhibit 99.1) containing the full details and GAAP reconciliations is furnished with the report.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Jan 27, 2010)

Summary

Key Highlights

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