L3Harris Technologies Files Q3 2024 10-Q

TL;DR

L3Harris Q3 24 10-Q is in. Check financials.

AI Summary

L3Harris Technologies, Inc. filed its 10-Q for the period ending September 27, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the defense and aerospace sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance indicators for L3Harris Technologies, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance, debt levels, or operational challenges that impact risk.

Key Numbers

• 20240927 — Fiscal Period End Date (Indicates the end of the reporting quarter)
• 20241025 — Filing Date (Shows when the report was submitted to the SEC)

Key Players & Entities

• L3HARRIS TECHNOLOGIES, INC. (company) — Filer of the 10-Q
• HARRIS CORP /DE/ (company) — Former company name
• HARRIS SEYBOLD CO (company) — Former company name
• 3217279100 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share LHX New York Stock Exchange

Filing Documents

• hrs-20240927.htm (10-Q) — 1684KB
• exhibit101-rspamendmentthr.htm (EX-10.1) — 14KB
• exhibit102-rspamendmentfou.htm (EX-10.2) — 15KB
• exhibit15cy24-q310xq.htm (EX-15) — 13KB
• exhibit311cy24-q310xq.htm (EX-31.1) — 10KB
• exhibit312cy24-q310xq.htm (EX-31.2) — 10KB
• exhibit321cy24-q310xq.htm (EX-32.1) — 5KB
• exhibit322cy24-q310xq.htm (EX-32.2) — 6KB
• hrs-20240927_g1.jpg (GRAPHIC) — 161KB
• 0000202058-24-000168.txt ( ) — 9931KB
• hrs-20240927.xsd (EX-101.SCH) — 61KB
• hrs-20240927_cal.xml (EX-101.CAL) — 130KB
• hrs-20240927_def.xml (EX-101.DEF) — 315KB
• hrs-20240927_lab.xml (EX-101.LAB) — 748KB
• hrs-20240927_pre.xml (EX-101.PRE) — 528KB
• hrs-20240927_htm.xml (XML) — 1662KB

Financial Information

Part I. Financial Information:

Financial Statements ( Unaudited)

ITEM 1. Financial Statements ( Unaudited): Condensed Consolidated Statement of Operations for the Quarter and Three Quarters Ended September 27, 2024 and September 29, 2023 3 Condensed Consolidated Statement of Comprehensive Income for the Quarter and Three Quarters Ended September 27, 2024 and September 29, 2023 4 Condensed Consolidated Balance Sheet at September 27, 2024 and December 29, 2023 5 Condensed Consolidated Statement of Cash Flows for the Three Quarters Ended September 27, 2024 and September 29, 2023 6 Condensed Consolidated Statement of Equity f or the Quarter and Three Quarters Ended September 27, 2024 and September 29, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 23

M anagement's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. M anagement's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

ITEM 4. Controls and Procedures 35

Other Information

Part II. Other Information:

Legal Proceedings

ITEM 1. Legal Proceedings 36

Risk Factors

ITEM 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 37

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 37

Other Information

ITEM 5. Other Information 37

Exhibits

ITEM 6. Exhibits 37

Signatures

Signatures 38 This Quarterly Report on Form 10-Q (this "Report") contains trademarks, service marks and registered marks of L3Harris Technologies, Inc. and its subsidiaries. All other trademarks are the property of their respective owners. _____________________________________________________________________ 1 Cautionary Statement Regarding Forward-Looking Statements This Report contains forward-looking statements within the meaning of federal securities laws that involve risks, uncertainties and assumptions that could cause our results to differ materially from such forward-looking statements. Examples include, but are not limited to, statements concerning: our plans, strategies and objectives for future operations; new products, systems, technologies, services or developments; future economic conditions, performance or outlook; future political or budget conditions; the outcome of contingencies or litigation; the potential level of share repurchases, dividends or pension contributions; potential divestitures and the timing thereof; capital expenditures and capital structure; other financial items; and assumptions underlying any of the foregoing. Terminology, such as "believes," "expects," "may," "could," "should," "would," "will," "intends," "plans," "estimates," "anticipates," "projects" and similar words or expressions may also identify forward-looking statements. You should not place undue reliance on forward-looking statements, which reflect our management's current expectations, estimates, projections and assumptions and information currently available to our management as of the date of filing of this Report and are not guarantees of future performance or actual results. Important risks that could cause our results to differ materially from those expressed in or implied by these forward-looking statements or from our historical results include, but are not limited to, risks arising from: our dependence on competitive markets from U.S. Government cus

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Quarter Ended Three Quarters Ended (In millions, except per share amounts) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Revenue $ 5,292 $ 4,915 $ 15,802 $ 14,079 Cost of revenue ( 3,873 ) ( 3,608 ) ( 11,675 ) ( 10,419 ) General and administrative expenses ( 924 ) ( 828 ) ( 2,778 ) ( 2,388 ) Operating income 495 479 1,349 1,272 Non-service FAS pension income and other, net ( 1) 101 80 275 245 Interest expense, net ( 166 ) ( 159 ) ( 514 ) ( 372 ) Income before income taxes 430 400 1,110 1,145 Income taxes ( 26 ) ( 18 ) ( 54 ) ( 73 ) Net income 404 382 1,056 1,072 Noncontrolling interests, net of income taxes ( 4 ) 1 ( 7 ) ( 3 ) Net income attributable to L3Harris Technologies, Inc. $ 400 $ 383 $ 1,049 $ 1,069 Net income per common share attributable to L3Harris Technologies, Inc. common shareholders Basic $ 2.11 $ 2.02 $ 5.53 $ 5.64 Diluted $ 2.10 $ 2.02 $ 5.50 $ 5.61 Basic weighted-average common shares outstanding 189.6 189.3 189.7 189.6 Diluted weighted-average common shares outstanding 190.5 190.1 190.7 190.6 _______________ (1) "FAS" is defined as Financial Accounting Standards. See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). _____________________________________________________________________ 3 L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) Quarter Ended Three Quarters Ended (In millions) September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net income $ 404 $ 382 $ 1,056 $ 1,072 Other comprehensive income (loss): Foreign currency translation income (loss), net of income taxes 43 ( 45 ) 22 ( 10 ) Net unrealized income (loss) on hedging derivatives, net of income taxes 5 ( 3 ) 2 6 Net unrecognized gains on postretirement obligati

View Full Filing

View this 10-Q filing on SEC EDGAR