Summary
This 8-K filing by Harris Corporation (now L3Harris Technologies) reports on the company's financial results for the fourth quarter and full fiscal year 2010, released on August 3, 2010. The filing includes updated guidance for fiscal year 2011, focusing on 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, excluding the impact of acquisition-related costs and goodwill impairment charges. This allows for a clearer view of underlying operational trends and performance separate from one-time or irregular events. The company believes these non-GAAP measures provide valuable insights for understanding business trends and performance, and they are used internally for forecasting and compensation. Investors are advised to review these non-GAAP measures in conjunction with the company's GAAP financial statements for a comprehensive understanding.
Key Highlights
- 1Harris Corporation announced its Q4 and full fiscal year 2010 results on August 3, 2010.
- 2The company provided updated financial guidance for fiscal year 2011, including expected income per diluted share and revenue.
- 3The filing emphasizes the use of non-GAAP financial measures to present operating results.
- 4Non-GAAP measures exclude costs related to multiple acquisitions (Wireless Systems, Crucial Security, SolaCom ATC, Patriot Technologies, SignaCert, CapRock) and goodwill impairment charges in the Broadcast Communications segment.
- 5Organic revenue growth for the RF Communications segment in Q4 2010 (compared to Q4 2009) is highlighted, adjusted for the Wireless Systems acquisition.
- 6Harris management believes non-GAAP measures offer a better understanding of period-over-period operating results and business trends.
- 7The company's press release with detailed financial tables and reconciliations of GAAP to non-GAAP measures is furnished as Exhibit 99.1.