Summary
L3Harris Technologies (LHX) filed an 8-K on October 30, 2019, to report its third-quarter 2019 financial results and provide updated guidance for the second half and full calendar year 2019. The filing highlights operational and financial performance, including key metrics like revenue, earnings per diluted share, and cash flow. Investors should note that the company utilizes non-GAAP financial measures, which exclude certain deal and integration costs, amortization expenses, and gains/losses from specific business events. The company believes these non-GAAP measures offer a clearer view of underlying business trends and performance, complementing the standard GAAP reporting.
Key Highlights
- 1L3Harris reported its Q3 2019 results and provided updated guidance for H2 and full-year 2019.
- 2The report includes specific details on revenue, earnings per diluted share (EPS), and cash flow.
- 3The company emphasizes the use of non-GAAP financial measures to present performance, excluding deal and integration costs, amortization, and gains/losses from business divested.
- 4Management believes these non-GAAP measures aid investors in understanding operational trends and performance separate from one-time impacts.
- 5The filing specifically mentions adjustments for L3Harris deal and integration costs, and the gain on the sale of Harris' Night Vision business.
- 6Guidance updates cover revenue, EPS from continuing operations, and cash flow expectations for the remainder of 2019.
- 7The information furnished is for informational purposes and is not considered 'filed' under Section 18 of the Exchange Act.
Frequently Asked Questions
This 8-K reports L3Harris's third-quarter 2019 results of operations and financial condition, alongside updated guidance for the second half and full calendar year 2019. It covers key metrics such as revenue, earnings per diluted share (EPS) from continuing operations, and cash flow.
L3Harris reports using both GAAP and non-GAAP financial measures. The press release accompanying this 8-K discusses non-GAAP measures that exclude items like L3Harris deal and integration costs, deal-related amortization, and gains/losses from specific business sales (e.g., the Night Vision business). The company believes these non-GAAP measures provide a more insightful view of ongoing operational performance.
The non-GAAP adjustments mentioned include excluding L3Harris deal and integration costs, deal-related amortization expense, and the gain on the sale of Harris’ Night Vision business. For prior periods, adjustments were made for tax reform impacts, charges related to exiting a commercial line of business, and deferred compensation adjustments.
L3Harris management states that these non-GAAP measures, when viewed alongside GAAP measures, help investors understand operating results separate from items that may have a disproportionately positive or negative impact in a given period. They are intended to enhance the ability to analyze business trends and understand performance, and are also used for forecasting and compensation.