Summary
L3Harris Technologies, Inc. (LHX), formerly Harris Corporation, released its fourth quarter and full fiscal year 2016 results on August 2, 2016. The report primarily disclosed the company's financial performance and provided forward-looking guidance for fiscal year 2017. Investors should note that the company, in its accompanying press release (Exhibit 99.1), presented both GAAP and non-GAAP financial measures, highlighting specific adjustments for acquisition-related costs, restructuring charges, and asset impairments. The company provided guidance on expected income from continuing operations per diluted share for fiscal 2017, on both GAAP and non-GAAP bases, as well as revenue expectations. Management's use of non-GAAP measures is intended to offer a clearer view of underlying business trends and operational performance, excluding items that may disproportionately impact short-term results. Investors are advised to review these non-GAAP measures alongside the most directly comparable GAAP measures and to consult the full financial statements for a comprehensive understanding.
Key Highlights
- 1Announcement of Q4 and full fiscal year 2016 results for Harris Corporation.
- 2Disclosure of fiscal year 2017 guidance, including expected income from continuing operations per diluted share (GAAP and non-GAAP).
- 3Presentation of fiscal year 2017 revenue guidance.
- 4Emphasis on non-GAAP financial measures, excluding items like acquisition-related costs and restructuring charges.
- 5Management's rationale for using non-GAAP measures: to provide insights into operational trends and performance.
- 6Inclusion of a reconciliation of non-GAAP measures to the most directly comparable GAAP measures within the furnished press release.
- 7The information is furnished under Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure), not deemed "filed" for Section 18 purposes.