L3Harris Reports Fiscal Quarter, Full-Year Results
Wednesday, July 31, 2019 | Comments

L3Harris Technologies reported fiscal 2019 fourth-quarter and full-year results for Harris on a standalone basis, as the merger with L3 Technologies was completed June 29.

Fiscal 2019 fourth-quarter revenue was $1.9 billion, up 12% compared with the prior year. Revenue increased 12% for the quarter and 10% for fiscal 2019, with continued strong growth across all three segments.

"We ended the year on a high note with strong fourth-quarter results capping an exceptional 2019 in which we outperformed on all guidance metrics," said William M. Brown, chairman and CEO. "The company achieved double-digit revenue growth for the quarter and the year with strong growth across all segments and ended the year with record profit, EPS and free cash flow.”

Revenue in communications systems increased double digits for the fifth consecutive quarter, up 14%, from double-digit growth in all three businesses. Tactical communications revenue grew 15% from a ramp in U.S. Department of Defense (DoD) modernization programs. Operating income increased 11% to $180 million from higher volume.

Communications systems order momentum continued in the fourth quarter, with double-digit orders growth and a book-to-bill greater than 1.0 in each of the businesses. Tactical orders grew 23% driven by broad-based U.S. and international modernization initiatives and continued expansion into airborne adjacencies.

Public-safety orders grew 30% on increased demand from state and federal agencies, including a $51 million order to upgrade public-safety infrastructure for the Utah Communications Authority and a $26 million order from the U.S. Army National Guard as it continues to adopt the company's converged radios.

Full-year segment revenue increased 14% from strong growth in all three businesses with an overall book-to-bill of 1.10. Tactical revenue grew 14%, with DoD up 31% and international up 3%, and funded backlog increased by 16% to $1.1 billion.

L3Harris initiated second half and calendar year 2019 guidance. For the second half of calendar year 2019, the company expects revenue in a range of $9.2 billion – $9.3 billion, up 9.5% – 10.5% from second half calendar 2018. Operating cash flow is expected to be in a range of $1.07 billion – $1.12 billion.

Full calendar year 2019 guidance includes revenue in a range of $18 billion – $18.1 billion, up 9.5% – 10.5% from full-year calendar 2018. Operating cash flow is expected to be in a range of $2.26 billion – $2.31 billion.

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