L3Harris Releases Second-Quarter Financial Results
Tuesday, August 03, 2021 | Comments

L3Harris Technologies reported second quarter 2021 revenue of $4.7 billion, up 5% versus the prior year and up 6.2% on an organic basis.

Generally accepted accounting principles (GAAP) net income was $413 million, up 49% versus the prior year. Adjusted earnings before interest and taxes (EBIT) was $869 million, up 7.3% versus the prior year, and adjusted EBIT margin expanded 40 basis points (bps) to 18.6%. GAAP earnings per share (EPS) was $2.01, up 55%, and non-GAAP EPS was $3.26, up 15% versus the prior year.

“We are now at the two-year mark for L3Harris and our second quarter results demonstrate the merger's value creation and operating momentum,” said L3Harris Vice Chair and CEO Christopher E. Kubasik. “Our accomplishments to date and a continued focus on execution give us confidence to raise guidance for the year. 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."

Second quarter revenue for the communications segment increased 1.3% versus the prior year and 3.2% on an organic basis driven by international demand in tactical communications, as well as strong growth in global communications solutions and integrated vision solutions, primarily from the continued ramp up in U.S. Department of Defense (DoD) modernization. Growth from these drivers was partially offset by lower volume on legacy unmanned platforms in broadband communications and residual pandemic-related impacts within public safety. Second-quarter operating income increased 8.3% to $287 million, and operating margin expanded 170 bps to 25.5% versus prior year from higher volume, operational excellence and integration benefits. Segment funded book to bill was 1.28 and 1.10 for the quarter and first half, respectively.

In public safety, the company received a $451 million, 15-year contract from the State of Florida to upgrade and continue operating the Statewide Law Enforcement Radio System (SLERS) for first responders. Within broadband communications, the company received a $57 million contract to provide depot and sustainment services for the Modernization of Enterprise Terminals program.

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