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Dec 31, 2024
L3Harris Q4 2024 Earnings Report
L3Harris reported a revenue increase of 3% and diluted EPS of $2.37 for the fourth quarter of 2024.
Key Takeaways
L3Harris Technologies reported fourth-quarter revenue of $5.5 billion and diluted EPS of $2.37. The company's results reflect business growth and improved operational efficiencies, driving margin improvement. They also delivered on their financial commitments, underscoring their agility and position as the defense industry’s Trusted Disruptor, and achieved a record backlog of $34 billion.
2024 orders of $24.2 billion; book-to-bill of 1.14x
2024 revenue of $21.3 billion, up 10%, and 4% organically
2024 cash from operations of $2.6 billion, adjusted free cash flow of $2.3 billion
4Q24 revenue of $5.5 billion, up 3%, and 4% organically
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
L3Harris initiated its 2025 guidance, anticipating revenue between $21.8B - $22.2B and adjusted free cash flow of $2.4B - $2.5B.
Positive Outlook
- Revenue Adjusted Segment Operating MarginSpace & Airborne Systems $6.9B - $7.1Blow 12%
- Integrated Mission Systems $7.0B - $7.2Blow 12%
- Communication Systems $5.6B - $5.7Bhigh 24%
- Aerojet Rocketdyne ~$2.5Bmid 12%
- Total Company $21.8B - $22.2Bmid - high 15%
Challenges Ahead
- Guidance assumes a Continuing Resolution through March of 2025 and no other funding delays or impacts.
- The administration has issued several Executive Orders that are still being assessed but are not expected to have a significant impact on our 2025 results.
- However, as US Government contracting officers assess the impact of Executive Orders on new contracts, we could see an effect on our Q1 2025 bookings and revenue.
- Non-GAAP diluted EPS (Prior) $13.70 - $14.00
- Intangible amortization, net of income taxes ~(3.15)(3.40)
Revenue & Expenses
Visualization of income flow from segment revenue to net income