Summary
L3Harris Technologies (formerly Harris Corporation) filed an 8-K on November 3, 2015, to report on its financial results for the first quarter of fiscal year 2016. The company announced its operational and financial condition, notably reiterating its previously issued guidance for both net income per diluted share and revenue for the full fiscal year 2016. This filing serves to provide investors with an update on the company's performance and outlook at the start of the fiscal year. The report also highlighted the company's use of non-GAAP financial measures, including adjusted net income, adjusted net income per diluted share, and free cash flow. Harris management emphasized that these measures, when viewed alongside GAAP results, offer a clearer understanding of underlying operational trends and performance, excluding items like acquisition-related costs. Investors are encouraged to consider these non-GAAP measures in conjunction with, not as a replacement for, their GAAP counterparts.
Key Highlights
- 1Harris Corporation reported its first quarter fiscal year 2016 results of operations and financial condition.
- 2The company reiterated its full fiscal year 2016 guidance for net income per diluted share.
- 3Harris also reaffirmed its previous revenue guidance range for fiscal year 2016.
- 4The report includes discussion and reconciliation of non-GAAP financial measures.
- 5Key non-GAAP measures discussed include adjusted net income, adjusted net income per diluted share, and free cash flow.
- 6Management believes non-GAAP measures provide useful insights into operational trends separate from specific cost impacts.
- 7The press release and related financial tables were furnished as Exhibit 99.1.