NYSE$LHX
L3Harris · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
L3Harris reported a revenue increase of 17% driven by acquisitions and organic growth, with a segment operating margin expansion of 50 bps. EPS decreased due to impairment charges, while non-GAAP EPS increased by 2%. The company also delivered record backlog.
L3Harris Technologies reported a 17% increase in fourth-quarter revenue, driven by the acquisitions of Aerojet Rocketdyne and Tactical Data Links, as well as organic growth in Space & Airborne Systems and Communication Systems segments. The company's operating margin decreased due to impairment associated with the pending sale of the Commercial Aviation Solutions business. Non-GAAP EPS increased by 2% due to higher segment operating income and a lower effective tax rate.
- Fourth quarter revenue increased 17%, driven by acquisitions and organic growth.
- Operating margin decreased due to impairment charges related to the pending sale of the Commercial Aviation Solutions business.
- Segment operating margin expanded 50 bps to 15.1% due to efficiencies and favorable product mix.
- Non-GAAP EPS increased 2% driven by higher segment operating income and a lower effective tax rate.
Headline financials
Revenue & EPS history
L3Harris · Revenue · Quarterly
$5.34B
Revenue by segment
L3Harris · $3.86B total across 3 segments · Q4 2021
- Integrated Mission Systems$1.56B+6.3%40.3%
- Space & Airborne Systems$1.29B+2.4%33.3%
- Communication Systems$1.02B-10.9%26.4%
Forward guidance
L3Harris initiated its 2024 guidance, expecting revenue between $20.7B - $21.3B and non-GAAP EPS between $12.40 - $12.80.
Tailwinds
- Revenue between $20.7B - $21.3B
- Segment operating margin of ~15%
- Free cash flow of ~$2.2B
- Non-service FAS pension income of ~$260 million
- Effective tax rate on non-GAAP income of 13.0% - 13.5%
Headwinds
- Net interest expense of ~$650 million
- Average diluted shares flat - up slightly
- Capital expenditures of ~2% sales
- Unspecified items impacting GAAP results
- Variability of adjustments may have unpredictable impact on future GAAP results
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.4%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.0%
Avg return
30 days after
56%
39 / 70 earnings
Positive
+11.3%
Q1 2009
Best reaction
-10.1%
Q3 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.3% | -5.8% | -2.0% | |
| Q4 2025 | -0.7% | -2.4% | +1.2% | |
| Q3 2025 | +3.0% | +1.5% | -2.9% | |
| Q2 2025 | +0.2% | +0.3% | +2.2% | |
| Q1 2025 | -0.0% | +2.3% | +9.8% | |
| Q4 2024 | +0.1% | -0.6% | -2.8% | |
| Q3 2024 | +2.8% | -0.3% | +1.0% | |
| Q2 2024 | -3.3% | -4.0% | -2.7% | |
| Q1 2024 | +3.3% | +3.1% | +7.5% | |
| Q4 2023 | +2.4% | +3.2% | +5.0% | |
| Q3 2023 | -2.7% | +2.1% | +8.7% | |
| Q2 2023 | -5.8% | -6.0% | -11.5% | |
| Q1 2023 | +0.3% | -2.6% | -8.1% | |
| Q4 2022 | +7.3% | +8.7% | +6.3% | |
| Q3 2022 | -0.5% | -3.5% | -8.5% | |
| Q2 2022 | +7.2% | +9.0% | +4.5% | |
| Q1 2022 | -3.7% | -1.5% | -0.1% | |
| Q4 2021 | -4.0% | -2.5% | +16.0% | |
| Q3 2021 | -1.2% | -1.3% | -4.0% | |
| Q2 2021 | +1.5% | +2.4% | +3.6% | |
| Q1 2021 | +1.2% | +4.0% | +4.2% | |
| Q4 2020 | -1.8% | +1.6% | +3.0% | |
| Q3 2020 | +4.6% | +12.5% | +19.3% | |
| Q2 2020 | -3.1% | -0.6% | +3.8% | |
| Q1 2020 | -2.3% | -3.1% | +6.8% | |
| Q4 2019 | +1.2% | +4.1% | -9.2% | |
| Q3 2019 | +1.6% | -4.0% | -0.9% | |
| Q2 2019 | -1.3% | +1.3% | +6.2% | |
| Q1 2019 | +0.8% | +1.1% | -3.8% | |
| Q4 2018 | +0.9% | -0.4% | +1.2% | |
| Q3 2018 | +2.1% | +4.9% | +4.0% | |
| Q2 2018 | +0.9% | -5.2% | -1.6% | |
| Q1 2018 | +1.4% | +2.3% | +4.3% | |
| Q4 2017 | +0.8% | +1.9% | +7.4% | |
| Q3 2017 | +0.4% | -1.4% | +3.9% | |
| Q2 2017 | +0.1% | -0.1% | +5.2% | |
| Q1 2017 | +1.0% | +1.3% | -1.3% | |
| Q4 2016 | +2.1% | +3.1% | +1.2% | |
| Q3 2016 | -2.2% | — | — | |
| Q2 2016 | +0.8% | — | — | |
| Q1 2016 | +0.0% | — | — | |
| Q4 2015 | -3.7% | — | — | |
| Q3 2015 | -1.3% | — | — | |
| Q2 2015 | +1.2% | — | — | |
| Q1 2015 | -0.2% | — | — | |
| Q4 2014 | +0.2% | — | — | |
| Q4 2013 | +1.2% | — | — | |
| Q3 2014 | +1.2% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q3 2013 | -0.6% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | -0.9% | — | — | |
| Q4 2012 | +1.6% | — | — | |
| Q3 2012 | -5.8% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q1 2012 | -6.3% | — | — | |
| Q4 2011 | +6.1% | — | — | |
| Q3 2011 | -10.1% | — | — | |
| Q2 2011 | -5.0% | — | — | |
| Q1 2011 | -1.1% | — | — | |
| Q4 2008 | -1.9% | — | — | |
| Q4 2010 | -1.9% | — | — | |
| Q3 2009 | +3.4% | — | — | |
| Q3 2010 | +3.4% | — | — | |
| Q2 2010 | -8.3% | — | — | |
| Q4 2009 | +11.3% | — | — | |
| Q1 2010 | +11.3% | — | — | |
| Q2 2009 | +11.3% | — | — | |
| Q1 2009 | +11.3% | — | — |
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