Revenue
$4.7 billion, up 5.0% versus prior year and 6.2% on an organic1 basis
Margins and earnings
Net income margin of 8.8%; adjusted earnings before interest and taxes (EBIT) margin3 of 18.6%
GAAP earnings per share from continuing operations (EPS) of $2.01, up 55%
Non-GAAP EPS3 of $3.26, up 15%
Cash flow and capital deployment
Operating cash flow of $720 million; adjusted free cash flow (FCF)3 of $685 million
Returned $1,057 million to shareholders through $850 million in share repurchases and $207 million in dividends
Raised 2021 adjusted EBIT margin guidance to 18.5% and non-GAAP EPS guidance to $12.80 - $13.00
Signed definitive agreement to sell Electron Devices business for $185 million
MELBOURNE, Fla. - L3Harris Technologies, Inc. (NYSE: LHX) reported second quarter 2021 revenue of $4.7 billion, up 5.0% versus prior year, and up 6.2% on an organic1 basis. GAAP net income was $413 million, up 49% versus prior year. Adjusted EBIT3 was $869 million, up 7.3% versus prior year, and adjusted EBIT margin3 expanded 40 basis points (bps) to 18.6%. GAAP EPS was $2.01, up 55%, and non-GAAP EPS3 was $3.26, up 15% versus prior year.
We are now at the 2-year mark for L3Harris and our second quarter results demonstrate the mergers value creation and operating momentum. Our accomplishments to-date and a continued focus on execution give us confidence to raise guidance for the year, said Christopher E. Kubasik, Vice Chair and Chief Executive Officer. As we look forward, a commitment to our strategic priorities along with our differentiated capabilities position us for further value creation over the long term.
Summary Financial Results
Second Quarter
First Half
($ millions, except per share data)
2021
2020
Change
2021
2020
Change
(GAAP comparison)
Revenue
$
4,668
$
4,445
5.0%
$
9,235
$
9,071
1.8%
Net income
$
413
$
278
49%
$
879
$
472
86%
Net income margin
8.8
%
6.3
%
250 bps
9.5
%
5.2
%
430 bps
EPS
$
2.01
$
1.30
55%
$
4.26
$
2.29
86%
(Non-GAAP comparison)3
Revenue
$
4,668
$
4,445
5.0%
$
9,235
$
9,071
1.8%
Adjusted EBIT
$
869
$
810
7.3%
$
1,731
$
1,618
7.0%
Adjusted EBIT margin
18.6
%
18.2
%
40 bps
18.7
%
17.8
%
90 bps
EPS
$
3.26
$
2.83
15%
$
6.44
$
5.63
14%
Organic revenue1
$
4,668
$
4,396
6.2%
$
9,235
$
8,881
4.0%
Second quarter revenue increased 5.0% versus prior year and 6.2% on an organic basis, with solid growth across key end-markets as well as growth in all four segments. At the segment level, organic revenue was driven by Integrated Mission Systems and Aviation Systems, up 12% and 4.7%, respectively, and 3.2% growth in both Communication Systems and Space and Airborne Systems. Funded book-to-bill2 was 1.00 for the quarter and 1.05 for the first half.
Second quarter net income margin expanded 250 bps and adjusted EBIT margin expanded 40 bps to 18.6% versus prior year. GAAP EPS increased 55% versus prior year driven by higher volume, operational excellence, integration benefits and a lower share count, along with net divestiture-related gains and lower acquisition-related amortization, partially offset by an increase in asset impairment charges and higher internal investments. Non-GAAP EPS increased 15% versus prior year driven by higher volume, operational excellence, integration benefits and a lower share count, more than offsetting the impact from higher internal investments.
Segment Results
Integrated Mission Systems
Second Quarter
First Half
($ millions)
2021
2020
Change
2021
2020
Change
Revenue
$
1,494
$
1,331
12%
$
2,945
$
2,701
9.0%
Operating income
$
229
$
224
2.2%
$
469
$
425
10%
Operating margin
15.3
%
16.8
%
(150) bps
15.9
%
15.7
%
20 bps
Second quarter revenue increased 12% from strong growth in ISR, driven by aircraft missionization on a recently awarded NATO program, and in Maritime from a ramp on key platforms, partially offset by a decline in Electro Optical due to product delivery timing. Second quarter operating income increased 2.2% to $229 million, and operating margin contracted 150 bps to 15.3% versus prior year as cost management, operational excellence and integration benefits were more than offset by mix impacts, including a ramp on growth programs.
Segment funded book-to-bill was 0.81 and 1.06 for the quarter and first half, respectively.
ISR award activity continued with over $350 million in orders for advanced capabilities across incumbent platforms, including the Rivet Joint reconnaissance, National Command Authority and classified aircraft, further strengthening the companys position as a partner of choice with the U.S. Air Force.
In Maritime, the company received several key awards that strengthen its position as a leading provider of global maritime solutions, including:
More than $100 million in awards for sensors and shipboard systems on the U.S. Navys Virginia and Columbia-class submarines, increasing inception-to-date awards on the platforms to more than $700 million
$60 million award to provide engineering support for the Medium Unmanned Surface Vehicle, a key platform in the U.S. Navys distributed maritime operations strategy and with significant follow-on opportunity
More than $50 million contract to provide imaging systems on a submarine from a customer in Europe
Within Electro Optical, WESCAM sensor demand remained strong and included a sole-source IDIQ contract for up to $96 million in support of the U.S. Special Operations Commands Improved Rotary-wing Electro-optical/Infra-red Sensor program. The company also reinforced its international position with over $75 million in orders for airborne sensor systems from customers primarily in the European and Asia Pacific regions.
Space and Airborne Systems
Second Quarter
Firs
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