What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to report L3Harris Technologies' financial results for the third quarter of fiscal year 2016 and to provide updated guidance for the full fiscal year 2016, including expectations for income per diluted share and revenue.

What are non-GAAP financial measures, and why does the company use them?

Non-GAAP financial measures are financial metrics that exclude or include amounts so as to be different from the most directly comparable measure calculated under Generally Accepted Accounting Principles (GAAP). L3Harris uses them, such as adjusted income from continuing operations and free cash flow, because management believes they offer a clearer view of underlying operating performance and trends, separate from specific items like acquisition costs or impairment charges that might distort period-over-period comparisons.

Should investors rely solely on the non-GAAP financial measures presented?

No, investors should not rely solely on non-GAAP financial measures. The filing explicitly states that these measures should be viewed in addition to, and not in lieu of, the company's financial measures prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP measures is provided in the referenced press release to help investors understand the differences.

Where can I find the detailed financial results and guidance figures?

The detailed financial results and updated guidance figures are provided in the press release issued by Harris Corporation on May 3, 2016, which is included as Exhibit 99.1 to this 8-K filing. Investors should refer to this exhibit for specific numbers and reconciliations.

LHX 8-K: Earnings & Results & Regulation FD

Summary

L3Harris Technologies, Inc. (LHX) filed an 8-K on May 3, 2016, to report its results for the third quarter of fiscal year 2016 and to update its full-year guidance. The filing primarily references a press release that disclosed the company's financial performance and outlook. Investors should note that the company provided both GAAP and non-GAAP financial measures, with management emphasizing the usefulness of non-GAAP measures for analyzing trends and performance separate from items that may disproportionately impact results. The key takeaway for investors is the updated financial guidance for fiscal year 2016. The company revised its expected income from continuing operations per diluted share and its expected revenue for the full fiscal year. While specific figures are detailed in the referenced press release (Exhibit 99.1), the fact of revised guidance indicates a potential shift in performance expectations that warrants investor attention. The report also highlights the company's use of non-GAAP measures, which investors should review alongside GAAP figures to gain a comprehensive understanding of the company's financial health and operational performance.

Key Highlights

1L3Harris Technologies (LHX) filed an 8-K on May 3, 2016, reporting Q3 FY16 results and updating FY16 guidance.
2The filing focuses on the company's financial performance and outlook, as detailed in an accompanying press release (Exhibit 99.1).
3The company updated its guidance for full-year fiscal 2016 expected income from continuing operations per diluted share (both GAAP and non-GAAP).
4Full-year fiscal 2016 expected revenue guidance was also updated.
5The report explicitly discusses the use of non-GAAP financial measures, such as income from continuing operations excluding acquisition costs and free cash flow.
6Management believes non-GAAP measures provide useful insights into operating performance and trends, separate from potentially disproportionate impacts.
7Investors are advised to consider non-GAAP measures in conjunction with, not as a substitute for, GAAP measures.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (May 3, 2016)

Summary

Key Highlights

Frequently Asked Questions