Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K on February 2, 2016, to report on its second quarter fiscal year 2016 results and to update its financial guidance. The company announced a significant non-cash goodwill impairment charge of $367 million ($2.63 per diluted share) related to its Harris CapRock Communications segment, primarily due to the downturn in the energy market affecting its customers. Additionally, a loss of $17 million ($0.14 per diluted share) from discontinued operations was recognized related to a post-closing working capital adjustment for the previously sold Broadcast Communications business.
Key Highlights
- 1Reported Q2 FY16 results, including a $367 million goodwill impairment charge for Harris CapRock Communications due to energy market downturn.
- 2Recognized a $17 million loss from discontinued operations related to a working capital adjustment for the former Broadcast Communications business.
- 3Increased its previous guidance range for non-GAAP income from continuing operations per diluted share for fiscal year 2016.
- 4Revised its previous guidance range for GAAP income from continuing operations per diluted share for fiscal year 2016.
- 5Updated its previous guidance range for expected revenue for fiscal year 2016.
- 6The filing includes a press release and financial tables as Exhibit 99.1.
- 7The company emphasizes the use of non-GAAP financial measures to provide a clearer view of operational trends and performance, excluding certain charges.