L3Harris Reports Strong Third Quarter 2019 Results with Double-Digit Revenue Growth, Margin Expansion Across all Segments and Robust Cash Flow

Third quarter revenue was flat as a ramp in fuzing, ordinance and guidance systems in Defense Aviation Products was offset by a decline in Commercial Training Solutions and the competitive loss of the USAF C-17 contract. Operating income increased 32% to $127 million, and margin expanded 330 bps to 13.4%, driven by improved performance, including for Electron Devices, and integration savings, partially offset by mix.

L3Harris received $116 million in awards for combat propulsion systems supporting the U.S. Army's ground vehicle recapitalization strategy. Additionally, the company was awarded an initial task order against a $99 million IDIQ as part of the Army's Future Tactical UAS program.

The company continued its solid position in military training and commercial aviation systems with a $74 million award for Army flight training and $50 million in awards from the Transportation Security Administration for security and detection systems.

Year-to-date segment revenue was flat with a funded book-to-bill of 1.05. Operating income increased 17% and operating margin expanded 170 bps to 11.5%.

Cash and Capital Deployment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ millions)

Third Quarter

 

Year-to-Date

 

 

 

CY 2019

 

CY 2018

 

Change

 

CY 2019

 

CY 2018

 

Change

 

 

Operating cash flow

$

81

 

 

$

117

 

 

$

(36

)

 

$

797

 

 

$

495

 

 

$

302

 

 

 

Adjusted free cash flow6

$

618

 

 

$

277

 

 

$

341

 

 

$

1,629

 

 

$

942

 

 

$

687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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