Summary
L3Harris Technologies (LHX) filed an 8-K on July 31, 2019, to disclose financial information and guidance related to the recent merger. The filing includes standalone results for Harris Corporation for its fourth quarter and full fiscal year 2019, along with L3Harris' guidance for the second half and full calendar year 2019, encompassing revenue, earnings per diluted share (EPS), and free cash flow. Investors should note that the company is providing significant supplemental information on a non-GAAP basis. This includes unaudited combined historical financial information for L3 and Harris, presented on a new four-segment structure and adjusted for various items such as merger deal and integration costs, and amortization of acquisition-related intangibles. This combined information is prepared for analytical purposes and is distinct from the previously filed pro forma condensed combined financial information.
Key Highlights
- 1L3Harris provided financial guidance for the second half and full calendar year 2019, including revenue, EPS, and free cash flow projections.
- 2The company presented standalone fourth quarter and full fiscal year 2019 results for Harris Corporation.
- 3Significant emphasis is placed on non-GAAP financial measures to provide a clearer view of operational performance, excluding merger-related costs and amortization.
- 4Unaudited combined historical financial information for L3 and Harris, based on a new four-segment structure, has been provided as supplemental disclosure.
- 5This combined historical information excludes specific businesses (Harris' night vision, L3's divested businesses) and adjusts for corporate expenses and historical amortization to present a more unified view.
- 6The provided combined historical data is not prepared in accordance with the acquisition method of accounting and differs from previously filed pro forma financial information.