Summary
L3Harris Technologies (LHX) filed a Current Report (8-K) on May 3, 2017, to disclose its financial results for the third quarter of fiscal year 2017 and to provide updated guidance for the full fiscal year. The filing includes a press release detailing operational and financial performance, emphasizing both Generally Accepted Accounting Principles (GAAP) and non-GAAP measures. Investors are provided with information to assess the company's performance beyond standard GAAP reporting, with a focus on metrics that management believes offer greater insight into operational trends and historical performance separate from specific charges or divestitures.
Key Highlights
- 1Harris Corporation announced its third quarter fiscal year 2017 results on May 3, 2017.
- 2The company updated its full fiscal year 2017 guidance for net income per diluted share (GAAP and non-GAAP) and revenue.
- 3The filing specifically references non-GAAP financial measures including adjusted income from continuing operations, free cash flow, and organic revenue growth.
- 4These non-GAAP measures exclude items such as Exelis acquisition-related charges and revenue from the divested Aerostructures business.
- 5Management believes these non-GAAP metrics enhance investors' ability to analyze business trends and understand performance.
- 6A reconciliation of non-GAAP measures to their most directly comparable GAAP measures is provided in the press release.
- 7Exhibit 99.1, the full press release, is furnished as part of this report.
Frequently Asked Questions
The primary purpose of this 8-K filing is to report L3Harris Technologies' (Harris Corporation) financial results for its third quarter of fiscal year 2017 and to provide updated financial guidance for the full fiscal year 2017. It also introduces and explains the use of non-GAAP financial measures.
The report highlights several non-GAAP measures, including income from continuing operations and earnings per diluted share (excluding Exelis acquisition-related and other charges), free cash flow (excluding net capital expenditures), and organic revenue growth (excluding the Aerostructures business).
Harris management believes that non-GAAP financial measures provide useful information to investors by presenting operating results separate from items that may have a disproportionate impact in a given period. These measures are intended to enhance the ability of investors to analyze trends and understand the company's performance.
The detailed financial results and guidance, along with the reconciliation of non-GAAP measures to GAAP measures, are provided in the press release furnished as Exhibit 99.1 to this 8-K filing.