L3Harris Reports Strong Harris Standalone Fourth Quarter and Fiscal 2019 Results...Initiates L3Harris Calendar Year 2019 Guidance

Revenue increased 12% for the quarter and 10% for fiscal 2019, with continued strong growth across all three segments. GAAP and non-GAAP EPS3 growth exceeded 28% for the quarter and for fiscal 2019 from higher volume, strong operational performance and a lower tax rate, partially offset by mix and higher investments. In addition, GAAP EPS growth for the quarter was partially offset by merger deal and integration costs, and for the year reflected prior period items reconciled in the attached financial tables. Fiscal 2019 adjusted EBIT3 margin expanded 90 bps to 19.8% and book-to-bill was 1.10.

Communication Systems

 

($ millions)

Fourth Quarter

 

Full Year

 

 

 

FY 2019

 

FY 2018

 

Change

 

FY 2019

 

FY 2018

 

Change

 

 

Revenue

$

600

 

 

$

527

 

 

14%

 

$

2,177

 

 

$

1,904

 

 

14%

 

 

Operating income

$

180

 

 

$

162

 

 

11%

 

$

654

 

 

$

566

 

 

16%

 

 

Operating margin

30.0

%

 

30.7

%

 

(70)bps

 

30.0

%

 

29.7

%

 

30bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue increased double digits for the fifth consecutive quarter, up 14%, from double-digit growth in all three businesses. Tactical Communications revenue grew 15% primarily driven by DoD Tactical, up 39%, from a ramp in U.S. DoD modernization programs. Operating income increased 11% to $180 million from higher volume.

Communication 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. Key awards included:
    • 850 HMS Manpack radios, the second low rate production order under the U.S. Army's $12.7 billion HMS Manpack IDIQ
    • $54 million order to provide handheld and manpack radios in support of a force modernization program in western Europe
    • $51 million order to provide multi-channel manpacks, next-generation HF and Falcon III handheld radios to a central European nation supporting increased interoperability between U.S. and NATO forces
    • $19 million initial order from Australia to provide next-generation HF radios as part of a multi-year modernization program
    • $24 million prototype phase award for airborne HF radios supporting U.S. Air Force fleet modernization and expanding the company's position on airborne platforms
  • 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.

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