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Sep 27, 2024
L3Harris Q3 2024 Earnings Report
Reported strong third quarter results and increased 2024 guidance.
Key Takeaways
L3Harris Technologies reported a strong third quarter with revenue of $5.3 billion, up 8% from the previous year, and diluted EPS of $2.10, a 4% increase. The company's book-to-bill ratio was outstanding at 1.4x, with solid organic growth and improving margins. Due to impressive progress on the LHX NeXt initiative, the company is updating its 2024 savings target to at least $600 million and now expects to reach the overall target of $1 billion a year early.
Orders of $7.2 billion; book-to-bill of 1.4x
Revenue of $5.3 billion, up 8%, and 5% organically
Operating margin of 9.4%; adjusted segment operating margin of 15.7%
Diluted earnings per share (EPS) of $2.10; non-GAAP diluted EPS of $3.34
L3Harris
L3Harris
L3Harris Revenue by Segment
Revenue by Segment
Communication Systems Revenue
CapyFin.comIntegrated Mission Systems Revenue
CapyFin.comSpace & Airborne Systems Revenue
CapyFin.comAerojet Rocketdyne Revenue
CapyFin.com Forward Guidance
The company increased its 2024 revenue guidance range to $21.1B - $21.3B, adjusted segment operating margin guidance to ~15.5%, and non-GAAP diluted EPS guidance range to $12.95 - $13.15.
Positive Outlook
- 2024 revenue guidance range increased to $21.1B - $21.3B
- 2024 adjusted segment operating margin guidance increased to ~15.5%
- 2024 non-GAAP diluted EPS guidance range increased to $12.95 - $13.15
- Expect to exceed the 2024 cost savings target of $400 million.
- Updating 2024 savings target to at least $600 million and now expect to reach the overall target of $1 billion a year early.
Revenue & Expenses
Visualization of income flow from segment revenue to net income