L3Harris(LHX)

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L3Harris(LHX) - 2022 Q1 - Quarterly Report
2022-04-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 1, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ______________ Commission File Number 1-3863 L3HARRIS TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 34- ...
L3Harris(LHX) - 2021 Q4 - Annual Report
2022-02-25 21:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ______________ Commission File Number 1-3863 https://reportify- 1252068037.cos.ap- beijing.myqcloud.com/media/production L3HARRIS TECHNOLOGIES, ...
L3Harris(LHX) - 2021 Q4 - Earnings Call Presentation
2022-01-31 19:42
L3HARRIS 2021 FOURTH QUARTER EARNINGS CALL PRESENTATION January 31, 2022 Use of U.S. DoD visual information does not imply or constitute DoD endorsement. PROPRIETARY INFORMATION Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements that reflect management's 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 Secu ...
L3Harris(LHX) - 2021 Q4 - Earnings Call Transcript
2022-01-31 18:00
L3Harris Technologies, Inc. (NYSE:LHX) Q4 2021 Earnings Conference Call January 31, 2022 8:30 AM ET Company Participants Rajeev Lalwani - IR Christopher Kubasik - CEO Michelle Turner - CFO Conference Call Participants David Strauss - Barclays Peter Arment - Baird Douglas Harned - Sanford C. Bernstein Sheila Kahyaoglu - Jefferies Robert Stallard - Vertical Research Michael Maugeri - Wolfe Research Richard Safran - Seaport Global Gautam Khanna - Cowen and Company Robert Spingarn - Melius Research Michael ...
L3Harris(LHX) - 2021 Q3 - Earnings Call Transcript
2021-10-29 16:39
L3Harris Technologies Inc. (NYSE:LHX) Q3 2021 Earnings Conference Call October 29, 2021 8:30 AM ET Company Participants Chris Kubasik – CEO Rajeev Lalwani – Vice President Investor Relations Jay Malave – CFO Conference Call Participants Sheila Kahyaoglu – Jefferies Robert Stallard – Vertical Research Seth Seifman – J.P Morgan Richard Safran – Shapiro Research Gautam Khanna – Cowen and Company Kristine Liwag – Morgan Stanley Doug Harned – Bernstein Peter Arment – Baird Operator Greetings, welcome to L3 Harri ...
L3Harris(LHX) - 2021 Q3 - Earnings Call Presentation
2021-10-29 14:19
| --- | --- | |-------|------------------| | | | | | | | | October 29, 2021 | | | | | | | | | | Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements that reflect management's 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 ...
L3Harris(LHX) - 2021 Q3 - Quarterly Report
2021-10-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-3863 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchan ...
L3Harris(LHX) - 2021 Q2 - Earnings Call Presentation
2021-08-04 13:57
| --- | |----------------| | | | | | August 3, 2021 | | | | | Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements that reflect management's 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 presen ...
L3Harris(LHX) - 2021 Q2 - Earnings Call Transcript
2021-08-03 19:16
L3Harris Technologies, Inc. (NYSE:LHX) Q2 2021 Earnings Conference Call August 3, 2021 8:30 AM ET Company Representatives Chris Kubasik - Chief Executive Officer Jay Malave - Chief Financial Officer Rajeev Lalwani - Vice President, Investor Relations Conference Call Participants Doug Harned - Bernstein Kristine Liwag - Morgan Stanley David Strauss - Barclays Robert Stallard - Vertical Research Myles Walton - UBS Richard Safran - Seaport Global Gautam Khanna - Cowen Sheila Kahyaoglu - Jefferies Rob Spingarn ...
L3Harris(LHX) - 2021 Q2 - Quarterly Report
2021-08-03 16:00
Merger and Divestiture Activities - L3Harris Technologies reported total merger-related expenses of $20 million for the quarter ended July 2, 2021, and $60 million for the same quarter in 2020, with total expenses of $41 million and $106 million for the two quarters ended July 2, 2021, and July 3, 2020, respectively [23]. - The company completed the divestiture of the military training business for $1,050 million, netting $1,057 million after selling costs and adjustments [38]. - L3Harris entered into a definitive agreement to sell its Electron Devices business for $185 million, expected to close in the second half of fiscal 2021 [30]. - The divestiture of the Combat Propulsion Systems business was completed for $398 million, resulting in net proceeds of $347 million after selling costs [36]. - L3Harris divested the EOTech business for $42 million, netting $40 million after selling costs and adjustments [39]. - The total business divestiture-related gains for the quarter ended July 2, 2021 amounted to $180 million, compared to a loss of $49 million for the same quarter in the previous year [44]. - The total goodwill impairment charge recognized in connection with the CPS business divestiture was $62 million, included in the "Impairment of goodwill and other assets" line item [37]. - The company derecognized $486 million of intangible assets associated with completed divestitures during the two quarters ended July 2, 2021 [73]. - Goodwill decreased by $538 million due to divestitures during the two quarters ended July 2, 2021 [62]. Financial Performance - For the quarter ended July 2, 2021, income from continuing operations was $413 million, compared to $283 million for the same quarter in 2020, representing a 46% increase [82]. - The diluted income from continuing operations per share for the quarter ended July 2, 2021, was $2.01, up from $1.30 for the same quarter in 2020, reflecting a 55% increase [82]. - The company reported total income from continuing operations before income taxes of $582 million for the quarter ended July 2, 2021, up from $336 million for the same quarter in 2020 [107]. - Non-operating income for the quarter ended July 2, 2021, totaled $86 million, compared to $105 million for the same quarter in 2020, a decrease of 18% [83]. - The net periodic benefit income for the pension plans was $(93) million for the quarter ended July 2, 2021, compared to $(77) million for the same quarter in 2020 [82]. - The company recognized a pre-tax settlement gain of $3 million from a pension obligation de-risking initiative during the quarter ended July 2, 2021 [78]. Revenue and Backlog - Total revenue for the quarter ended July 2, 2021, was $4.668 billion, an increase from $4.445 billion in the same quarter of 2020 [107]. - The company's ending backlog was $20.2 billion as of July 2, 2021, with an expectation to recognize approximately 66% of this revenue by the end of 2022 [103]. - Revenue from prime contractor relationships across all segments totaled $3,056 million for the two quarters ended July 2, 2021, up from $2,883 million for the same period in 2020, an increase of 6.0% [113][115][117][120]. - The U.S. Government remains the primary customer, with total revenue from U.S. contracts amounting to $3,034 million for the two quarters ended July 2, 2021, compared to $3,025 million for the same period in 2020 [113][115][117][120]. Asset and Liability Management - As of July 2, 2021, net receivables were $1,197 million, a decrease from $1,344 million on January 1, 2021 [52]. - Contract assets increased to $2,648 million as of July 2, 2021, compared to $2,437 million on January 1, 2021 [56]. - Total inventories decreased to $872 million as of July 2, 2021, down from $973 million on January 1, 2021 [58]. - Property, plant, and equipment, net totaled $2,026 million as of July 2, 2021, compared to $2,102 million on January 1, 2021 [59]. - Long-term debt (including current portion) was $7,072 million as of July 2, 2021, compared to $6,953 million as of January 1, 2021, reflecting an increase of 1.7% [90]. - The liability for standard product warranties decreased from $133 million at January 1, 2021, to $123 million at July 2, 2021 [75]. Impairments and Amortization - The company recorded additional pre-tax losses of $18 million and $26 million for non-cash remeasurement losses related to the VSE disposal group during the quarter and two quarters ended July 2, 2021 [34]. - An $82 million non-cash impairment charge for long-lived assets was recorded for the quarter and two quarters ended July 2, 2021 [61]. - The amortization of identifiable intangible assets from the L3Harris Merger was $131 million for the quarter ended July 2, 2021, compared to $183 million for the same quarter in 2020 [108]. - Amortization expense for identifiable intangible assets was $156 million for the quarter ended July 2, 2021 [74]. - Future estimated amortization expense for identifiable intangible assets is projected to total $5,134 million over the next five years [74]. Risks and Challenges - The company faces risks associated with foreign currency exchange rates and changes in interest rates, employing established policies to manage these risks [223]. - The company must attract and retain key employees, as failure to do so could seriously harm its operations [223]. - The company has significant operations in locations that could be adversely impacted by natural disasters or significant disruptions [223]. - Changes in estimates used in accounting could adversely affect future financial results [223]. - The company may not realize all anticipated benefits from the L3Harris Merger, and integration difficulties may arise [223].