Orders1 of $5.5 billion; book-to-bill of 1.06x
Revenue of $5.2 billion, up 17%, up 5% organically1
Operating margin of 7.3%; Adjusted segment operating margin1 of 15.1%
Earnings per share (EPS) of $1.48; Non-GAAP EPS1 of $3.06
2024 adjusted segment operating margin1 guidance increases from 15% to >15%*
2024 non-GAAP EPS guidance range increases from $12.40 - $12.80 to $12.70 - $13.05*
MELBOURNE, Fla., April 25, 2024 - L3Harris Technologies, Inc. (NYSE: LHX) reported first quarter 2024 net income attributable to L3Harris of $283 million, or diluted earnings per share (EPS) of $1.48, on first quarter revenue of $5.2 billion. First quarter 2024 non-GAAP1 net income attributable to L3Harris was $584 million, or non-GAAP1 diluted EPS of $3.06. A reconciliation of non-GAAP results are detailed in tables beginning on page 10.
Were off to a strong start to 2024, reporting solid revenue with higher operating margin across all four segments and our Trusted Disruptor strategy continues to drive demand for innovative, resilient and mission-critical solutions aligned with national security needs. We delivered double-digit top line growth while continuing to drive improvements to operational and program performance, said Christopher E. Kubasik, Chair and CEO.
Kubasik continued, Given the strength of our first quarter, we are increasing 2024 profitability guidance, while reaffirming revenue and free cash flow commitments. With our progress, we remain confident in the financial framework that we laid out at investor day which is driven by operational rigor and structural enhancements from our LHX NeXt initiative.
Conference Call and Webcast
L3Harris Technologies will host a call tomorrow, April 26, 2024, at 8:30 a.m. Eastern Time (ET).
The dial-in numbers for the teleconference are (U.S.) 877-407-6184 and (International) 201-389-0877, and participants will be directed to an operator. Participants are encouraged to listen via webcast, which will be broadcast live at L3Harris.com/investors. A recording of the call will be available on the L3Harris website, beginning at approximately 12 p.m. ET on April 26, 2024.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our 50,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that reflect managements current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this press release include but are not limited to: 2024 guidance; 2024-2026 capital deployment priorities; anticipated LHX NeXt program costs and savings targets and their impacts on operational performance, margin expansion and accelerating adjusted free cash flow growth; supplemental financial information for 2024; and other statements regarding the business outlook and financial performance guidance that are not historical facts. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including but not limited to: competitive markets and U.S. Government spending priorities; changes in the mix of fixed-price, cost-plus and time-and-material type contracts and the impact of a significant increase in or sustained period of increased inflation; the termination, impact of regulations, failure to fund, or negative audit findings for U.S. Government contracts; uncertain economic conditions; the consequences of future geo-political events; the impact of government investigations; the risks of doing business internationally; disruptions to our supply chain; the attraction and retention of key employees; the ability to develop new products and services and technologies that achieve market acceptance; natural disasters or other significant business disruptions; inability to achieve the expected results of LHX NeXt; indebtedness and ability to make payments on, repay or service indebtedness; unfunded defined benefit plans liability; the level of returns on defined benefit plan assets, changes in interest rates and other market factors; changes in effective tax rate or additional tax exposures; the ability to obtain export licenses or make sales to foreign governments; unforeseen environmental issues; the outcome of litigation or arbitration; potential claims related to infringement of intellectual property rights or environmental remediation or other contingencies; expanded operations, including related to handling of dangerous materials; risks related to other strategic transactions, including pending and contemplated divestitures. Further information relating to these and other factors that may impact the companys results, future trends and forward-looking statements are disclosed in the companys filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements.
1 See definitions in the First Quarter 2024 Results available for download above.
* A reconciliation is not available. See t
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
07/05/2024
BURBANK, Calif. The Walt Disney Company has finally delivered some from profits from its hefty streaming investments, with the second quarter of its fiscal year...
07/05/2024
Bonnie Hammer, vice chair of NBCUniversal, and Jen Psaki, MSNBC host, read from their new books at the 92nd Street Y in Manhattan Wednesday, May 8. Hammer's...
07/05/2024
Paramount Plus has ordered the series Crutch, a comedy that is a spinoff of CBS comedy The Neighborhood. Tracy Morgan stars....
07/05/2024
Edward J. and Melody Thomas Scott and Lidia Bastianich will receive Lifetime Achievement honors at the 51st annual Daytime Emmy Awards in June, the National Aca...
07/05/2024
The 2024 Giants of Broadcasting & Electronic Arts luncheon and awards ceremony happens in New York November 12, and the honorees are Al Roker, weather and featu...
07/05/2024
Dabl Network has added The Wayans Bros., The Jamie Foxx Show, Living Single and Everybody Hates Chris to its weekday and weekend lineups. Those shows join the l...
07/05/2024
After winning a proxy fight, The Walt Disney Co. said its entertainment business turned a profit and added subscribers in its fiscal second quarter....
07/05/2024
NBA Entertainment is closing out the second season of its series Pass the Rock with a look at Victor Wembanyama of the San Antonio Spurs, the league's rooki...
07/05/2024
Syncbak, which provides stations with streaming capabilities, said it is rebranding as Zeam Media....
07/05/2024
Samsung has made a deal with Magnolia Pictures that will bring titles from Magnolia to the Samsung TV Plus free streaming platform....
07/05/2024
Amazon, which has added commercials to Amazon Prime Video, is rolling out new interactive ad formats that will enable advertisers to engage streamers and sell s...
07/05/2024
Syncbak, a 15 year-old provider of streaming tech for local broadcast stations has rebranded itself, adopting the name of its streaming service launched in Febr...
07/05/2024
POST Luxembourgs journey with TAG Video underscores how finding a vendor who und...
07/05/2024
PORTSMOUTH, N.H. New findings from Hub Entertainment Research provides extensive data showing that the majority of consumers will opt for lower cost ad-supporte...
07/05/2024
NEW YORK The Library of American Broadcasting Foundation (LABF) has announced th...
07/05/2024
CBS News has named Lindsey Reiser an anchor and correspondent for CBS News 24/7, the network's live, streaming news service. Reiser, who was most recently a...
07/05/2024
NEEDHAM, Mass. After more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24),...
07/05/2024
ESPN is reporting that April was a record-setting month as the network delivered its best April prime time audience on record, dating back more than 30 years....
07/05/2024
WASHINGTON, D.C. The National Association of Broadcasters (NAB) has announced that Kirsten Donaldson has joined NAB as vice president of public policy. Donaldso...
07/05/2024
The Bulls are back home again this week from May 7-12! Don't miss out on any...
07/05/2024
Taylor Swift's Eras Tour arrives to shake up EuropeHaving shaken four continents, Taylor Swift's Eras Tour finally brings the biggest pop culture icon o...
07/05/2024
Isiphetho: Destiny' beats Scandal!'E.tv's latest telenovela Isiphetho: Destiny' beat the channel's longest running soapie, Scandal!' ...
07/05/2024
Now there's HELP for ex-prisoners to find work in South AfricaNew initiative for ex-prisoners to find work in South Africa proves it's never too late fo...
07/05/2024
Tonight on Scandal: Cohen is pulled into keeping a secretDon't miss Tuesday, 7 May's riveting episode of South African soapie Scandal! on e.tv on DStv c...
07/05/2024
Skeem Saam: Monday's episode, 6 May 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African soapie...
06/05/2024
By Ilyse McKimmie
Now, more than ever
That's a phrase so often used in the last few years that I've come to dread seeing it in notes like this one. A...
06/05/2024
alt= class=wp-image-12099 data-lazy-src=/wp-content/uploads/2024/05/Blog-Exabyte-Storage-Demand-960x540-1.jpg/> Demand for storage solutions has reached unprece...
06/05/2024
Around the world, Asian and Pacific Islander (API) artists continue to impact mu...
06/05/2024
Spotify is making it easier for booklovers to count down the days, hours, minutes, and seconds until a new audiobook releases. With Countdown Pages for audioboo...
06/05/2024
Get Ready to join Dan Hong as he hits the streets in his ultimate culinary journ...
06/05/2024
In this video, cinematographer Simon Rowling welcomes viewers behind the scenes as he lights a daytime-interior scene inside a coffee shop. Shooting on Panavisi...
06/05/2024
L3Harris is well positioned to support the complex and multifaceted nature of special operations forces in all domains through our agile and responsive technolo...
06/05/2024
OAKVILLE, Ontario As part of Emergency Preparedness Week, Alert Ready, Canadas national public alerting system, will be distributing a test alert to Canadians i...
06/05/2024
NEW ROCHELLE, N.Y. Horowitz Research has released a new study on the viewing and media habits of U.S. Hispanic/Latine audiences that shows a dramatic decline in...
06/05/2024
RE:Vision Effects Autograph 2024.4 released! 50% Off Through May 9th
Brie Clayton May 6, 2024
0 Comments
New game-changing motion graphics & VFX featu...
06/05/2024
NBC has renewed Night Court for a third season. The courtroom comedy was on the network from 1984 to 1992, and NBC rebooted it in early 2023....
06/05/2024
ABC has revealed its summer schedule. The Bachelorette gets going Monday, July 8, with Jenn Tran the star in season 21. Celebrity Family Feud starts up Tuesday,...
06/05/2024
It's almost go-time for the Holly Springs Salamanders! The season opener is ...
06/05/2024
Tonight on Scandal: Deception is rife as a man places his trust in the unfaithfu...
06/05/2024
Rap beef between Drake and Kendrick Lamar turns NASTYA long-simmering feud between rap titans Drake and Kendrick Lamar has exploded into allegations of pedophil...
06/05/2024
The Amazonas Digital initiative will see INRED leverage SES's MEO satellites...
06/05/2024
Tonight on Skeem Saam: Kobus busts Pretty in a compromising positionDon't miss Monday, 6 May's riveting episode of South African soapie Skeem Saam on SA...
06/05/2024
Tonight on House of Zwide: Bra Zakes and Sphamandla agree to leave Tembisa and n...
06/05/2024
RT has announced details of its coverage across digital, TV and Radio in the ru...
06/05/2024
For years, radio stations have used on-premises servers to broadcast content and manage automation, traffic, and billing systems. As technology continues to adv...
06/05/2024
06 May 2024
AI and Big Data Take the Centre Stage in Central Asia at Beetech 20...
06/05/2024
FIRST LOOK AT JIM PARSONS & MAYIM BIALIK REPRISING THEIR ROLES FROM THE BIG BAN...
Orders1 of $5.5 billion; book-to-bill of 1.06x
