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

Fourth quarter revenue increased 8%, as double-digit growth from classified programs, driven by small satellites, exquisite systems and next-generation technology programs, was partially offset by lower revenue from environmental programs. Operating income increased 16% to $94 million, and margin expanded 120 bps to 17.3% from strong program execution.

Order momentum remained strong on classified programs as the company continued to leverage its position as partner of choice with long-standing customers and received several key awards in the quarter, including $48 million of additional funding for exquisite space systems as well as a $33 million award from the U.S. Air Force under the SENSOR program for missile warning, missile defense and space surveillance missions, bringing the program's inception-to-date contract value to over $2 billion.

In addition, funding support continued for key environmental programs, with an award from the U.S. Department of Commerce to monitor weather satellite transmission interference as well as an increase in scope on the GOES-R ground program announced in the third quarter.

Full-year segment revenue increased 8% with a book-to-bill of 1.03. Operating income increased 8% and operating margin expanded 20 bps to 17.5%.

Cash and Capital Deployment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ millions)

Fourth Quarter

 

Full Year

 

 

 

FY 2019

 

FY 2018

 

Change

 

FY 2019

 

FY 2018

 

Change

 

 

Operating cash flow

$

311

 

 

$

521

 

 

$

(210

)

 

$

1,185

 

 

$

751

 

 

$

434

 

 

 

Free cash flow4

$

254

 

 

$

464

 

 

$

(210

)

 

$

1,024

 

 

$

615

 

 

$

409

 

 

 

Adjusted free cash flow5

$

267

 

 

$

464

 

 

$

(197

)

 

$

1,055

 

 

$

915

 

 

$

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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