- L3Harris Technologies Inc (NYSE:LHX) reported a fourth-quarter FY21 revenue decline of 7% year-over-year to $4.35 billion and decreased 1% on an organic basis.
- The revenue decline was attributable to divestitures within Aviation Systems and supply chain-related constraints within Communication Systems.
- Integrated Mission Systems revenue was $1.56 billion (+6% Y/Y) and an operating margin of 16.6%, an improvement of 230 bps.
- Space and Airborne Systems revenue was $1.28 billion (+2% Y/Y), an operating margin of 18.3%, down 120 bps.
- Communication Systems revenue was $1.02 billion (-11% Y/Y), and operating margin 24.9%, down 100 bps.
- Aviation Systems revenue $535 million was (-37% Y/Y), and adjusted operating margin of 14.4%, down 50 bps.
- Adjusted EPS improved to $3.30 compared to $3.14 in 4Q20, beating the consensus of $2.87.
- Adjusted EBIT was $836 million (-3% Y/Y), and the margin expanded by 70 bps to 19.2%.
- L3Harris Technologies generated $2.69 billion in operating cash flow for FY21 and $2.7 billion in adjusted free cash flow.
- The company returned $4.5 billion to shareholders in share repurchases and dividends in 2021.
- FY22 Guidance: L3Harris expects revenue of $17.3 billion - $17.7 billion and up 1% - 3% on an organic basis. The company expects GAAP EPS of $10.75 - $11.05 and Adjusted EPS of $13.35 - $13.65.
- It expects Segment operating margin of 16.00% - 16.25%; L3Harris adjusted EBIT margin of 19.00% - 19.25%.
- The company expects operating cash flow of $2.4 billion - $2.5 billion, with Adjusted free cash flow of $2.15 billion - $2.25 billion, with estimated Share repurchases of ~$1.5 billion.
- Price Action: LHX shares traded lower by 3.85% at $210.26 on the last check Monday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
L3Harris Technologies Stock Slips After Q4 Results, Provides FY22 Outlook
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks