L3Harris Q4 2021 Earnings Report
Key Takeaways
L3Harris Technologies reported a decrease in revenue by 7% compared to the prior year, with a GAAP EPS of $2.46 and non-GAAP EPS of $3.30. The company initiated its 2022 financial guidance.
Q4 revenue was $4.4 billion, down 7% versus prior year, and down 1% on an organic basis.
Q4 GAAP net income margin of 11.1%, and GAAP earnings per share from continuing operations (EPS) of $2.46.
Q4 non-GAAP adjusted earnings before interest and taxes (EBIT) margin of 19.2%, and non-GAAP EPS of $3.30.
Funded book-to-bill was 0.90 for the quarter.
L3Harris
L3Harris
L3Harris Revenue by Segment
Forward Guidance
L3Harris initiated 2022 guidance as follows: Revenue $17.3 billion - $17.7 billion, Organic revenue growth up 1.0% - 3.0%, Segment operating margin 16.00% - 16.25%, L3Harris GAAP net income margin 12.00% - 12.25%, L3Harris adjusted EBIT margin 19.00% - 19.25%, GAAP EPS $10.75 - $11.05, Non-GAAP EPS $13.35 - $13.65, Operating cash flow $2.4 billion - $2.5 billion, Adjusted free cash flow $2.15 billion - $2.25 billion, R&D tax impact $600 million - $700 million, Share repurchases ~$1.5 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income