01—Abstract
Summary
Summary of the 8-K filed November 1, 2016. Cited figures are marked; the original filing is the authoritative source.
L3Harris Technologies, Inc. (then Harris Corporation) filed this 8-K on November 1, 2016, to report its financial results for the first quarter of fiscal year 2017.
The report primarily referenced a press release announcing these results, along with updated guidance for the full fiscal year 2017. Investors should note that the company utilized and provided reconciliations for non-GAAP financial measures, which management believes offer a clearer view of operational trends by excluding items like acquisition-related charges and the impact of divested businesses.
The key takeaway for investors is the company's performance in its first fiscal quarter of 2017 and its reaffirmation of the previously issued financial outlook for the remainder of the fiscal year. The focus on non-GAAP measures indicates management's strategy to present a performance picture that management believes is more indicative of ongoing business operations and trends, separate from specific one-time or strategic events.
02—Key points
Key Highlights
- Harris Corporation announced its financial results for the first quarter of fiscal year 2017.
- The company reiterated its full fiscal year 2017 guidance for net income per diluted share (GAAP and non-GAAP) and revenue.
- The report includes discussion of non-GAAP financial measures, such as organic revenue change, net income excluding acquisition charges, and free cash flow.
- Management believes non-GAAP measures provide useful insights into period-over-period operating results and business trends.
- The press release and related financial tables from November 1, 2016, are furnished as Exhibit 99.1.
- The information is furnished under Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure).
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
This 8-K filing serves to report L3Harris Technologies' (then Harris Corporation) financial results for its first quarter of fiscal year 2017 and to reiterate its financial guidance for the full fiscal year 2017, as announced in a press release on November 1, 2016.
What are non-GAAP financial measures and why does the company use them?
Non-GAAP financial measures are performance metrics that exclude or include amounts that differ from the most directly comparable measure calculated under Generally Accepted Accounting Principles (GAAP). Harris Corporation uses them to provide a view of operating results that management believes is separate from items that may disproportionately impact results in a given period, such as acquisition-related charges or the impact of divested businesses, to help investors analyze trends and performance.
Does this filing include any new guidance or outlook for the company?
No, this filing primarily reiterates the company's previously issued guidance ranges for expected net income per diluted share (both GAAP and non-GAAP) and expected revenue for the full fiscal year 2017. It does not introduce new or revised guidance.
What specific business segments or items are mentioned in relation to the non-GAAP measures?
The filing specifically mentions organic revenue changes for the company and the Electronic Systems segment, excluding revenue from the Aerostructures business divested in Q4 FY16. It also discusses net income and net income per diluted share excluding acquisition-related charges.
04—Continue