8-KEarnings & ResultsRegulation FDExhibits & Filings

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Jan 29, 2013)

Filed January 29, 2013For Securities:LHX

Summary

L3Harris Technologies (formerly Harris Corporation) filed an 8-K on January 29, 2013, to report on its financial condition and results of operations for its second quarter of fiscal year 2013. The filing primarily announced updates to the company's financial guidance for the full fiscal year 2013, including revised ranges for expected income from continuing operations per diluted share and expected revenue. This provides investors with updated forward-looking information to assess the company's performance trajectory. The report also highlights the company's use of non-GAAP financial measures. Specifically, it details how certain acquisition-related costs, particularly those associated with the acquisitions of CapRock Holdings and Schlumberger's Global Connectivity Services business, are being excluded from reported results for comparative periods. The company asserts that these non-GAAP measures, when viewed alongside GAAP figures, offer investors a clearer understanding of underlying operational trends and performance, aiding in trend analysis and investment decision-making.

Key Highlights

  • 1Harris Corporation updated its full-year fiscal 2013 guidance for both expected income per diluted share and revenue.
  • 2The company reported financial results for its second quarter of fiscal year 2013.
  • 3The filing includes a press release as Exhibit 99.1 detailing the financial updates and operational results.
  • 4Harris is utilizing and disclosing non-GAAP financial measures, specifically excluding certain acquisition-related costs.
  • 5The excluded costs relate to the acquisitions of CapRock Holdings, Inc. and the Global Connectivity Services business of Schlumberger.
  • 6Management believes these non-GAAP measures provide enhanced insight into operational trends and performance for investors.
  • 7The press release includes a reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about L3Harris Technologies' (then Harris Corporation) second-quarter fiscal year 2013 financial results and, more importantly, to update the company's financial guidance for the full fiscal year 2013 regarding expected income per diluted share and revenue.

The non-GAAP financial measures discussed in the filing exclude certain costs and expenses related to the acquisitions of CapRock Holdings, Inc. (including its subsidiaries like CapRock Communications, Inc.) and the Global Connectivity Services business from the Schlumberger group.

Harris Corporation uses non-GAAP financial measures, such as adjusted income from continuing operations, to provide investors with additional insights into the company's operating performance. Management believes these measures help to better understand period-over-period results by excluding items that may disproportionately impact results in a given period, such as significant acquisition-related costs, thereby enhancing the ability to analyze business trends.

No, the filing explicitly states that non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. The company provides a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures.