01—Abstract
Summary
Summary of the 8-K filed August 3, 2021. Cited figures are marked; the original filing is the authoritative source.
L3Harris Technologies (LHX) filed an 8-K on August 3, 2021, to report its second-quarter 2021 financial results and provide updated full-year 2021 guidance.
The filing primarily directs investors to a press release (Exhibit 99.1) containing these details. Key financial updates include revised projections for revenue, margin, earnings per diluted share (EPS), and cash flow. The company emphasizes the use of non-GAAP financial measures, such as adjusted EPS, adjusted EBIT, and adjusted free cash flow, to provide a clearer view of operational performance and business trends, excluding certain items that may impact GAAP results.
Investors should review the provided press release for specific figures and forward-looking statements. The company also provided segment-specific organic revenue growth and operating income/margin information, particularly for its Aviation Systems segment. Management believes these non-GAAP metrics are valuable for investors in understanding the company's underlying business performance and for internal planning and compensation.
However, it's crucial to remember that these non-GAAP measures are supplemental and should be considered alongside, not as a replacement for, GAAP figures. Reconciliations for forward-looking non-GAAP measures were not provided due to the difficulty in forecasting certain adjustments.
02—Key points
Key Highlights
- L3Harris announced its second-quarter 2021 financial results and updated its full-year 2021 guidance via a press release.
- The company revised its full-year 2021 expectations for revenue, margin, EPS, and cash flow.
- The filing extensively discusses the use of non-GAAP financial measures (adjusted EPS, adjusted EBIT, organic revenue growth, adjusted free cash flow) to illustrate operational performance.
- Management believes non-GAAP measures offer enhanced insight into business trends and performance, separate from GAAP impacts.
- Specific segment data, including organic revenue growth for Space and Airborne Systems, Communication Systems, and Aviation Systems, was provided for Q2 and H1 2021.
- Segment operating income and margin for Aviation Systems were also detailed for Q2 and H1 2021.
- Reconciliations for forward-looking non-GAAP measures were not provided due to forecasting complexities.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to announce L3Harris Technologies' second-quarter 2021 financial results and to provide updated guidance for the full fiscal year 2021. The detailed information is contained within an accompanying press release.
Does this filing provide specific financial numbers for Q2 2021?
This 8-K filing itself does not contain the specific financial numbers. It directs investors to Exhibit 99.1, which is a press release containing the detailed results of operations and financial condition for the second quarter of 2021, as well as the revised full-year 2021 guidance.
What are non-GAAP financial measures and why does L3Harris use them?
Non-GAAP financial measures are financial performance metrics that exclude or include certain amounts from their directly comparable GAAP (Generally Accepted Accounting Principles) measures. L3Harris uses them, such as adjusted EPS and adjusted EBIT, to provide investors with a clearer understanding of the company's operational performance and underlying business trends by excluding items that may have a disproportionately positive or negative impact on results in a particular period.
Can I rely solely on the non-GAAP financial measures presented?
No, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or superior to, the financial measures calculated and presented in accordance with GAAP. These non-GAAP measures are intended to supplement, not replace, the standard GAAP reporting.
04—Continue