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

The main purpose of this 8-K filing is to publicly disclose L3Harris Technologies' (then Harris Corporation) financial results for its third quarter of fiscal year 2018 and to provide an updated outlook (guidance) for the full fiscal year 2018. It includes information on revenue, earnings per share, and free cash flow.

Why does the filing discuss non-GAAP financial measures?

L3Harris uses non-GAAP financial measures to provide investors with a clearer understanding of its operational performance. These measures exclude certain items that management believes can distort period-over-period comparisons, such as costs associated with exiting a business line, tax reform impacts, and deferred compensation adjustments. The company believes these adjusted figures help in analyzing business trends more effectively.

What specific financial items has L3Harris updated guidance for?

The company updated its guidance for fiscal year 2018 for expected revenue, earnings per diluted share (on both GAAP and non-GAAP bases), and free cash flow.

Where can I find the detailed financial results and guidance?

The detailed financial results, guidance, and reconciliations of non-GAAP measures to GAAP measures are provided in Exhibit 99.1, which is furnished with this 8-K filing. Investors should refer to this exhibit for comprehensive financial information.

LHX 8-K: Earnings & Results & Regulation FD

Summary

L3Harris Technologies, Inc. (LHX) filed an 8-K on May 2, 2018, primarily to furnish a press release detailing its third-quarter fiscal 2018 financial results and updated fiscal 2018 guidance. The company provided insights into its operational performance and financial condition, emphasizing updated projections for revenue, earnings per diluted share (both GAAP and non-GAAP), and free cash flow for the full fiscal year. This filing is crucial for investors seeking to understand the company's current performance trajectory and future outlook. The press release also highlighted the use of non-GAAP financial measures. L3Harris explained its rationale for providing these adjusted figures, stating they offer a clearer view of operational performance by excluding certain one-time or non-cash items like tax reform impacts, charges from exiting a commercial line of business, and deferred compensation adjustments. These non-GAAP measures are intended to help investors analyze business trends and performance more effectively, complementing the standard GAAP reporting.

Key Highlights

1The 8-K filing on May 2, 2018, primarily contains a press release announcing L3Harris's (Harris Corporation at the time) third-quarter fiscal 2018 financial results.
2Updated fiscal 2018 guidance was provided for revenue, GAAP and non-GAAP earnings per diluted share, and free cash flow.
3The company detailed its results for the third quarter and the first three quarters of fiscal 2018.
4L3Harris explicitly discussed its use of non-GAAP financial measures, including earnings per diluted share, operating income, operating margin, and free cash flow.
5The non-GAAP measures exclude items such as estimated non-cash adjustments related to tax reform, charges from exiting a commercial line of business, and deferred compensation adjustments.
6Harris management believes these non-GAAP measures enhance investors' ability to understand period-over-period operating results and analyze business trends.
7The filing includes a reference to Exhibit 99.1, which contains the full press release and related financial tables, including reconciliations between GAAP and non-GAAP measures.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (May 2, 2018)

Summary

Key Highlights

Frequently Asked Questions