HighGravityDataL3Harris Technologies — Oct 24, 2024 release
Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000202058-24-000166
Showing in the filing
LHX NeXt cost savings opportunity
“exceed the $1 billion target”
Period
The long term
Measure
Company-defined measure
Source
Prose
All guidance in this release · 23
Revenue for FY2024
“$21.1B - $21.3B (Prior: $21.0B - $21.3B)”
Adjusted segment operating margin for FY2024
“~15.5% (Prior: 15.2% - 15.4%)”
Non-GAAP diluted EPS for FY2024
“$12.95 - $13.15 (Prior: $12.85 - $13.15)”
LHX NeXt savings target for FY2024
“at least $600 million”
LHX NeXt overall savings target
“$1 billion”
Overall cost savings target
“$1 billion”
LHX NeXt cost savings opportunity for the long term
“exceed the $1 billion target”
Segment operating margins for FY2026
“at least 16%”
Adjusted free cash flow for FY2024
“~$2.2B”
SAS Revenue for FY2024
“~$7,000”
SAS Operating margin for FY2024
“low 12%”
IMS Revenue for FY2024
“$6,600 - $6,700 (Prior: $6,500 - $6,700)”
IMS Operating margin for FY2024
“mid - high 11% (Prior: mid 11%)”
CS Revenue for FY2024
“~$5,400 (Prior: $5,300 - $5,400)”
CS Operating margin for FY2024
“mid - high 24% (Prior: mid 24%)”
AR Revenue for FY2024
“$2,400 - $2,500”
AR Operating margin for FY2024
“mid 12% (Prior: high 11%)”
FAS/CAS operating adjustment for FY2024
“~$30 million”
Non-service FAS pension income for FY2024
“~$310 million”
Net interest expense for FY2024
“~$660 million”
Effective tax rate on non-GAAP income for FY2024
“13.0% - 13.5%”
Average diluted shares for FY2024
“Flat”
Capital expenditures for FY2024
“~2% sales”
Exhibit 99.1 · the passage around this item
… earlier in the release
As a result, we are updating our 2024 savings target to at least $600 million and now expect to reach the overall target of $1 billion a year early. Our pipeline provides opportunity for additional cost savings opportunities to exceed the $1 billion target. All of this gives us confidence to deliver 2026 segment operating margins of at least 16%." *Organic revenue, adjusted segment operating margin and non-GAAP diluted EPS are non-GAAP financial measures defined on page 17. A reconciliation of adjusted segment operating margin guidance and non-GAAP diluted EPS guidance is not available. See the note on page 2 and Non-GAAP Financial Measures on page 7 for more information. PAGE 1 SUMMARY FINANCIAL RESULTS AND 2024 GUIDANCE* Third Quarter Year to Date 2024 Guidance ($ millions, except per share data) 2024 2023 Change 2024 2023 Change Revenue (see Table 4 for organic revenue) Space & Airborne Systems $ 1,683 $ 1,686 $ 5,141 $ 5,056 Integrated Mission Systems 1,671 1,568 5,069 5,003 Communication Systems 1,382 1,255 4,022 3,707 Aerojet Rocketdyne 596 455 1,719 455 Corporate eliminations (40) (49) (149) (142) Revenue $ 5,292 $ 4,915 8 % $ 15,802 $ 14,079 12 % $21.1B - $21.3B (Prior: $21.0B - $21.3B) Operating income Space & Airborne Systems $ 195 $ 210 $ 626 $ 565 Integrated Mission Systems 204 187 600 534 Communication Systems 359 282 998 873 Aerojet Rocketdyne 75 56 222 56 Corporate unallocated items (338) (256) (1,097) (756) O
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.