Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed an 8-K on October 15, 2018, primarily to disclose its first-quarter fiscal year 2019 financial results and updated fiscal year 2019 guidance. The company reported its operational and financial condition, including key metrics like revenue, earnings per diluted share, and free cash flow, providing both GAAP and non-GAAP measures for investor clarity. Management emphasized that non-GAAP measures offer a useful perspective on operating trends by excluding certain items that can disproportionately impact results in a given period.
Key Highlights
- 1Announcement of Q1 FY2019 financial results for Harris Corporation.
- 2Provided updated full-year fiscal 2019 guidance for revenue, diluted EPS, and free cash flow.
- 3Disclosure includes both GAAP and non-GAAP financial measures, with a reconciliation for non-GAAP metrics.
- 4Management believes non-GAAP measures enhance investor understanding of operating trends and performance.
- 5Key event: Agreement and Plan of Merger entered into with L3 Technologies, Inc. on October 12, 2018, for an all-stock merger of equals.
- 6Upon closing, the combined company will be renamed L3 Harris Technologies, Inc.
- 7The merger is structured such that Harris shareholders will own approximately 54% and L3 shareholders will own approximately 46% of the new entity.
- 8Merger is subject to customary closing conditions, including regulatory and shareholder approvals.