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
More from Harris
07/05/2024
The ability for line-of-site tactical voice and data networks to seamlessly traverse over Satellite Communications is an emerging requirement to assure warfight...
07/05/2024
On April 5, 2024, the L3Harris Avionics Products Repair Station (NN2R037L) in Gr...
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...
02/05/2024
MELBOURNE, Fla., May 2, 2024 - L3Harris Technologies (NYSE:LHX) has received a c...
01/05/2024
L3Harris works with air navigation service providers who efficiently manage air ...
01/05/2024
Scott Alexander, Missile Solutions President, Aerojet Rocketdyne...
29/04/2024
L3Harris is delivering manpack radios to U.S. Army CH-47 Chinooks as part of the Air-to-Ground Networking Radio program, providing seamless, resilient communica...
29/04/2024
He writes in Defense One: Despite the near-universal acknowledgement throughout the U.S. government and defense industrial base of the criticality of resilient ...
27/04/2024
On April 26, L3Harris Chair and CEO Christopher E. Kubasik joined CNBC's Mor...
26/04/2024
Orders1 of $5.5 billion; book-to-bill of 1.06x
Revenue of $5.2 billion, up 17%,...
26/04/2024
Five Considerations For Communications Modernization In The 21st Century
In the digital-enabled battlespace, the Joint Force needs to shoot, move and communica...
19/04/2024
MELBOURNE, Fla., April 19, 2024 - The Board of Directors of L3Harris Technologies (NYSE:LHX) declared a quarterly cash dividend of $1.16 per common share, payab...
18/04/2024
ORANGE COUNTY, Va., April 18, 2024 - L3Harris Technologies [NYSE:LHX] has entered into an agreement with Orange County, Virginia, to fund the expansion and mode...
18/04/2024
L3Harris Sky Warden multi-mission aircraft, equipped with the WESCAM MX-15 and WESCAM MX-20 EO/IR sensor systems, was selected for USSOCOMs Armed Overwatch prog...
18/04/2024
MELBOURNE, Fla., April 18, 2024 - L3Harris Technologies (NYSE:LHX) has received ...
17/04/2024
L3Harris Communications Australia Field Service support continues to grow with a...
17/04/2024
An optical technician lays on a diving board suspended between NASAs Nancy Grace Roman Space Telescopes primary and secondary mirrors. The photo is a projected ...
16/04/2024
Women's Global Gathering Shaping the Future Space Workforce panel particip...
15/04/2024
LONDONDERRY, N.H., April 15, 2024 - L3Harris Technologies (NYSE:LHX) received a $256 million order from the U.S. Army for continued production of the Enhanced N...
10/04/2024
The final Delta IV Heavy rocket takes flight from Cape Canaveral Space Force in Florida carrying a classified payload for the National Reconnaissance Office. Ph...
10/04/2024
Our Cross-track Infrared Sounder is a mission-critical instrument in the Joint P...
10/04/2024
NASA's Space Launch System rocket carrying the Orion spacecraft launches on the Artemis I flight test, Wednesday, Nov. 16, 2022, from Launch Complex 39B at ...
10/04/2024
On April 9, Communication Systems President Sam Mehta spoke with CNBC reporter E...
09/04/2024
In the ever-evolving landscape of maritime defense, innovation is paramount to staying ahead of emerging threats. L3Harris has been at the forefront of this mis...
08/04/2024
From the dawn of the space age, space objects have traveled along predictable, gravity-driven paths first defined by the German Renaissance astronomer and mathe...
08/04/2024
L3Harris Technologies collaborates with Performance Marine to showcase Unmanned ...
05/04/2024
As the April 8 total solar eclipse brings celestial thrills to Earth, L3Harris t...
05/04/2024
MELBOURNE, Fla., April 5, 2024 - L3Harris Technologies (NYSE:LHX) has signed a d...
04/04/2024
After successfully completing 45 development tests and 24 certification tests at...
03/04/2024
Kathy Crandall credits her success as a leader to the fundamentals: Mastering every role she's held and building a network of mentors to guide her growth....
01/04/2024
1 April 2024 marks 100 years of service for the Royal Canadian Air Force (RCAF). In honour of this significant milestone and as a proud partner of the RCAF for ...
01/04/2024
MELBOURNE, Fla., April 1, 2024 - L3Harris Technologies (NYSE:LHX) will release first quarter 2024 financial results on Thursday, April 25, 2024, after market cl...
29/03/2024
L3Harris has proudly maintained Canada's CF-188 Hornet fleet for 38 years. Credit: Stocktrek Images, Inc. / Alamy Stock Photo....
28/03/2024
L3Harris is upgrading critical electronic warfare systems to ensure the iconic aircrafts spectrum superiority for decades to come....
28/03/2024
L3Harris' WESCAM MX-Series EO/IR systems have supported the RCAF for more than 25 years....
27/03/2024
I'm proud to be a woman in aerospace making an impact on our world and among my peers, team and future generations of women in STEM....
26/03/2024
The WESCAM MX -GCS EO/IR Independent Stabilized Sighting Systems - ideal for gunner sight, commander sight and situational awareness missions....
25/03/2024
As we celebrate courageous women this Women's History Month and throughout the year, L3Harris Technologies honors the brave female firefighters who've c...
25/03/2024
Teaming Up to Transform Tactical Command and Control...
25/03/2024
He writes in Breaking Defense: Successful implementation of the National Defense...
19/03/2024
The L3Harris RF-7850 Family of Radios has been widely adopted due to the essenti...
12/03/2024
A new order provides updated terminals for in-field use at the tactical edge....
11/03/2024
MELBOURNE, Fla., March 11, 2024 - L3Harris Technologies (NYSE:LHX) has published its annual Sustainability Report, highlighting the company's Environmental,...
07/03/2024
U.S. Marines fire the FIM-92 Stinger missile during a training exercise....
05/03/2024
L3Harris Chimera - Rapidly Configurable Software Development Tool for Simplified Mission System Integration...
05/03/2024
From left to right: Marie-Christine D silet, Sara Roy, Robert Clark (Back row), St phanie Malouin, Daniel Lauzon (Back row), Fran ois Lemire, Alex Harmsworth, R...
04/03/2024
Designed for global interoperability and resiliency from the ground up, Anti-jam...
28/02/2024
My journey is a reminder that with determination, resilience and the support of a strong community, anything is possible....
28/02/2024
Our advanced sensor design will enable Space Systems Command satellites to track missile launches and hypersonic glide vehicles from medium Earth orbit....
Orders1 of $5.5 billion; book-to-bill of 1.06x
