L3Harris (LHX)
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers' mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries.

Company profile
Ticker
LHX
Exchange
Website
CEO
William Brown
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Northrop Grumman • Raytheon • Garmin • Leonardo DRS • Teledyne • Teledyne FLIR • Telenav • Virgin Orbit • MIND Technology • NextNav ...
Former names
HARRIS CORP /DE/
SEC CIK
Corporate docs
Subsidiaries
(100% direct or indirect ownership by L3Harris Technologies, Inc. • 1231670 Ontario Inc. • 1297741B.C. Ltd. • Aerosim Bangkok Company Limited • Aerosim Thai Company Limited • Airline Placement Limited • Airline Recruitment Limited • Asia Flight Data Services Pte. Ltd. • Asian Aviation Training Centre Ltd. • Aviation Communication & Surveillance Systems, LLC ...
IRS number
340276860
LHX stock data
News
L3Harris Selected For Key Department Of Defense Artificial Intelligence Program
17 May 22
L3Harris Receives $297M Tactical Radio Contract Ceiling Increase From US Special Operations Command
16 May 22
Virgin Orbit Reports Purchase Of 2 Boeing 747-400 Airframes From L3Harris, No Terms Disclosed
10 May 22
Susquehanna Maintains Positive on L3Harris Technologies, Lowers Price Target to $298
2 May 22
Analyst Ratings for L3Harris Technologies
29 Apr 22
Press releases
L3Harris Receives $297 Million Tactical Radio Contract Ceiling Increase from US Special Operations Command
16 May 22
L3Harris High-Resolution Weather Imager Capture First Image From Space
11 May 22
Virgin Orbit to Expand Fleet with Modification of Second Airborne Satellite Launchpad
10 May 22
EMCORE Announces Closing of the Acquisition of the L3Harris Space and Navigation Business for $5 Million
2 May 22
L3Harris Releases First Quarter 2022 Financial Results
28 Apr 22
Analyst ratings and price targets
Current price
Average target
$285.67
Low target
$276.00
High target
$291.00
Raymond James
Maintains
$290.00
Wells Fargo
Maintains
$291.00
Morgan Stanley
Maintains
$276.00
Calendar
29 Apr 22
17 May 22
30 Dec 22
Financial summary
Quarter (USD) | Apr 22 | Dec 21 | Oct 21 | Jul 21 | |
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Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Jan 21 | Jun 19 | Jun 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 402M | 402M | 402M | 402M | 402M | 402M |
Cash burn (monthly) | 179.67M | 47.83M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 275.76M | 73.42M | n/a | n/a | n/a | n/a |
Cash remaining | 126.24M | 328.58M | n/a | n/a | n/a | n/a |
Runway (months of cash) | 0.7 | 6.9 | n/a | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
23 Apr 22 | Bailey Sallie B | Common Stock, Par Value $1.00 | Option exercise | Acquire M | No | No | 0 | 795.39 | 0 | 3,289.98 |
23 Apr 22 | Bailey Sallie B | 2021 Director Share Units Common Stock, Par Value $1.00 | Option exercise | Dispose M | No | No | 0 | 795.39 | 0 | 0 |
23 Apr 22 | Corcoran Thomas A | Common Stock, Par Value $1.00 | Option exercise | Acquire M | No | No | 0 | 795.39 | 0 | 2,097.98 |
23 Apr 22 | Corcoran Thomas A | 2021 Director Share Units Common Stock, Par Value $1.00 | Option exercise | Dispose M | No | No | 0 | 795.39 | 0 | 0 |
23 Apr 22 | Chiarelli Peter W | Common Stock, Par Value $1.00 | Option exercise | Acquire M | No | No | 0 | 795.39 | 0 | 3,097.98 |
23 Apr 22 | Chiarelli Peter W | 2021 Director Share Units Common Stock, Par Value $1.00 | Option exercise | Dispose M | No | No | 0 | 795.39 | 0 | 0 |
23 Apr 22 | Dattilo Thomas A | Common Stock, Par Value $1.00 | Option exercise | Acquire M | No | No | 0 | 795.39 | 0 | 5,097.98 |
23 Apr 22 | Dattilo Thomas A | 2021 Director Share Units Common Stock, Par Value $1.00 | Option exercise | Dispose M | No | No | 0 | 795.39 | 0 | 0 |
22 Apr 22 | Bailey Sallie B | 2022 Director Share Units Common Stock, Par Value $1.00 | Grant | Acquire A | No | No | 0 | 685 | 0 | 685 |
22 Apr 22 | Corcoran Thomas A | 2022 Director Share Units Common Stock, Par Value $1.00 | Grant | Acquire A | No | No | 0 | 685 | 0 | 685 |
Institutional ownership, Q4 2021
80.2% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 1175 |
Opened positions | 165 |
Closed positions | 106 |
Increased positions | 365 |
Reduced positions | 445 |
13F shares | Current |
---|---|
Total value | 32.97B |
Total shares | 154.62M |
Total puts | 501K |
Total calls | 305.73K |
Total put/call ratio | 1.6 |
Largest owners | Shares | Value |
---|---|---|
Vanguard | 16.78M | $3.58B |
Capital World Investors | 14.87M | $3.17B |
BLK Blackrock | 12.28M | $2.62B |
STT State Street | 8.22M | $1.75B |
Capital International Investors | 5.94M | $1.27B |
BAC Bank Of America | 5.75M | $1.23B |
WFC Wells Fargo & Co. | 4.64M | $988.74M |
Wellington Management | 3.82M | $813.53M |
JHG Janus Henderson | 3.61M | $769.85M |
TROW T. Rowe Price | 3.43M | $730.9M |
Financial report summary
?Competition
Boeing • General Dynamics • Motorola Solutions • Raytheon Technologies • PASSUR Aerospace • Viasat • Innovative Solutions And Support • Applied Energetics • Bae Systems • Lockheed MartinRisks
- The effects of COVID could have a material adverse effect on our business operations, financial condition, results of operations, cash flows and equity.
- We depend significantly on U.S. Government contracts, which often are only partially funded, subject to immediate termination, and heavily regulated and audited. The termination or failure to fund, or negative audit findings for, one or more of these contracts could have an adverse impact on our business, financial condition, results of operations, cash flows and equity.
- The U.S. Government’s budget deficit and the national debt, as well as any inability of the U.S. Government to complete its budget process for any government fiscal year and consequently having to shut down or operate on funding levels equivalent to its prior fiscal year pursuant to a “continuing resolution,” could have an adverse impact on our business, financial condition, results of operations, cash flows and equity.
- Our results of operations and cash flows are substantially affected by our mix of fixed-price, cost-plus and time-and-material type contracts. In particular, our fixed-price contracts could subject us to losses in the event of cost overruns or a significant increase in inflation.
- Our commercial aviation products, systems and services businesses are affected by global demand and economic factors that could negatively impact our financial results.
- We cannot predict the consequences of future geo-political events, but they may adversely affect the markets in which we operate, our ability to insure against risks, our operations or our profitability.
- We derive a significant portion of our revenue from international operations and are subject to the risks of doing business internationally, including fluctuations in currency exchange rates.
- We are subject to government investigations, which could have a material adverse effect on our business, financial condition, results of operations, cash flows and equity.
- We could be negatively impacted by a security breach, through cyber attack, cyber intrusion, insider threats or otherwise, or other significant disruption of our IT networks and related systems or of those we operate for certain of our customers.
- Our future success will depend on our ability to develop new products, systems, services and technologies that achieve market acceptance in our current and future markets.
- We must attract and retain key employees, and any failure to do so could seriously harm us.
- Some of our workforce is represented by labor unions, so a prolonged work stoppage could harm our business.
- Disputes with our subcontractors or key suppliers, or their inability to perform or timely deliver our components, parts or services, could cause our products, systems or services to be produced or delivered in an untimely or unsatisfactory manner.
- We have significant operations in locations that could be materially and adversely impacted in the event of a natural disaster or other significant disruption.
- Changes in estimates we use in accounting for many of our programs could adversely affect our future financial results.
- Our level of indebtedness and our ability to make payments on or service our indebtedness and our unfunded defined benefit plans liability may materially adversely affect our financial and operating activities or our ability to incur additional debt.
- A downgrade in our credit ratings could materially adversely affect our business.
- The level of returns on defined benefit plan assets, changes in interest rates and other factors could materially adversely affect our financial condition, results of operations, cash flows and equity in future periods.
- Changes in our effective tax rate may have an adverse effect on our results of operations.
- We may not be successful in obtaining the necessary export licenses to conduct certain operations abroad, and Congress may prevent proposed sales to certain foreign governments.
- Our reputation and ability to do business may be impacted by the improper conduct of our employees, agents or business partners.
- The outcome of litigation or arbitration in which we are involved from time to time is unpredictable, and an adverse decision in any such matter could have a material adverse effect on our financial condition, results of operations, cash flows and equity.
- Third parties have claimed in the past and may claim in the future that we are infringing directly or indirectly upon their intellectual property rights, and third parties may infringe upon our intellectual property rights.
- We face certain significant risk exposures and potential liabilities that may not be covered adequately by insurance or indemnity.
- Unforeseen environmental issues, including regulations related to GHG emissions or change in customer sentiment related to environmental sustainability, could have a material adverse effect on our business, financial condition, results of operations, cash flows and equity.
- Strategic transactions, including mergers, acquisitions and divestitures, involve significant risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows and equity.
- Changes in future business or other market conditions could cause business investments and/or recorded goodwill or other long-term assets to become impaired, resulting in substantial losses and write-downs that would materially adversely affect our results of operations and financial condition.
Management Discussion
- Revenue declined 10% in the first quarter of fiscal 2022 compared to the first quarter of fiscal 2021 from the impact of prior year divestitures that totaled $268 million, continued supply chain disruptions including impacts arising from electronic component shortages within Communication Systems, award timing and airborne program transitions. Gross margin decreased in the first quarter of fiscal 2022 compared to the first quarter of fiscal 2021 from volume effects across our business segments and supply chain disruptions. Gross margin as a percentage of revenue (“gross margin percentage”) was comparable.
- See the “Discussion of Business Segment Results of Operations” discussion below in this MD&A for further information.
- The decrease in engineering, selling and administrative (“ESA”) expenses and ESA expense as a percentage of revenue (“ESA percentage”) in the first quarter of fiscal 2022 compared with the first quarter of 2021 was primarily due to $10 million of lower amortization of identifiable intangible assets acquired as a result of the L3Harris Merger, $8 million decrease in “FAS/CAS pension adjustment” and $6 million of lower divestiture-related expenses as well as the absence of a $15 million charge related to a value added tax obligation and $29 million of costs related to divested businesses in the first quarter of 2021.
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. freshman Avg
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New words:
absent, antidilutive, began, beginning, CAS, CS, curtailment, earliest, expanded, experimental, FAA, FAS, FDII, gas, greenhouse, IMS, incremental, Jersey, MINE, modification, Navigation, OPEB, organizational, outweighed, realigned, reorganization, SAS, sediment, sentiment, streamlined, streamlining, strong, sustainability, upper, WESCAM
Removed:
accelerate, accelerated, accelerating, actuarial, add, agreed, airport, allocating, Applied, arrangement, Atlantic, automation, base, case, classification, comparing, conform, continuity, contributory, customary, deductible, default, detail, dialog, discounted, DoD, downsizing, downturn, effort, enabled, enforcement, enhancing, entity, EOTech, exacerbate, excellence, exit, field, flight, Floating, frequent, governmental, guarantee, half, holographic, identifying, individually, industrial, instituted, Instrumentation, internet, inventory, large, largely, leased, leasing, legally, magnified, maintained, mandatory, master, meet, missile, mitigate, mitigation, noncontrolling, North, obligated, offered, Organization, peer, pending, percent, point, predictable, prime, protocol, publicly, quarantine, ramp, rationalization, realization, recoverability, recoverable, reduced, registrant, remain, resulted, retained, rounding, sector, separately, sighting, simulation, spread, striving, sublet, support, synergy, test, tested, tracked, travel, Treaty, turret, twentieth, ultimately, unconsolidated, unknown, unmanned, unrealized, vehicle, wheeled, world, written, Zealand
Financial reports
Current reports
8-K
L3Harris Elects JetBlue President and COO Joanna L. Geraghty
9 May 22
8-K
L3Harris Releases First Quarter 2022 Financial Results
28 Apr 22
8-K
Amendments to Articles of Incorporation or Bylaws
25 Apr 22
8-K/A
Departure of Directors or Certain Officers
25 Apr 22
8-K
L3Harris Technologies Reports Fourth Quarter and 2021 Results; Initiates 2022 Guidance
31 Jan 22
8-K
L3Harris Names Michelle Turner Senior Vice President and Chief Financial Officer
24 Jan 22
8-K/A
Results of Operations and Financial Condition
17 Jan 22
8-K
Results of Operations and Financial Condition
14 Jan 22
8-K
L3Harris Announces Streamlining of Business Segments
3 Jan 22
8-K
L3Harris Elects Former US Ambassador and Commander of US Pacific Command Admiral Harry B. Harris, Jr. (Ret.) to Board of Directors
13 Dec 21
Registration and prospectus
424B5
Prospectus supplement for primary offering
12 Nov 20
FWP
Free writing prospectus
10 Nov 20
424B3
Prospectus supplement
10 Nov 20
424B3
Prospectus supplement
31 Mar 20
424B5
Prospectus supplement for primary offering
6 Mar 20
S-4
Registration of securities issued in business combination transactions
4 Mar 20
FWP
Free writing prospectus
4 Mar 20
424B3
Prospectus supplement
4 Mar 20
424B5
Prospectus supplement for primary offering
15 Nov 19
FWP
Free writing prospectus
13 Nov 19
Proxies
DEFA14A
Additional proxy soliciting materials
30 Mar 22
DEFA14A
Additional proxy soliciting materials
18 Mar 22
DEFA14A
Additional proxy soliciting materials
11 Mar 22
PRE 14A
Preliminary proxy
1 Mar 22
DEFA14A
Additional proxy soliciting materials
11 Mar 21
DEF 14A
Definitive proxy
11 Mar 21
DEFA14A
Additional proxy soliciting materials
6 Apr 20
DEFA14A
Additional proxy soliciting materials
3 Apr 20
DEFA14A
Additional proxy soliciting materials
12 Mar 20
Other
SD
Conflict minerals disclosure
27 May 21
SD
Conflict minerals disclosure
1 Jun 20
EFFECT
Notice of effectiveness
1 Apr 20
UPLOAD
Letter from SEC
29 Mar 20
CORRESP
Correspondence with SEC
26 Mar 20
CORRESP
Correspondence with SEC
26 Mar 20
CORRESP
Correspondence with SEC
26 Mar 20
CORRESP
Correspondence with SEC
12 Mar 20
UPLOAD
Letter from SEC
8 Mar 20
CORRESP
Correspondence with SEC
17 Feb 20
Ownership
3
L3HARRIS / Joanna Geraghty ownership change
9 May 22
4
L3HARRIS / ROGER FRADIN ownership change
4 May 22
4
L3HARRIS / LLOYD W NEWTON ownership change
26 Apr 22
4
L3HARRIS / ROBERT B MILLARD ownership change
26 Apr 22
4
L3HARRIS / Rita S. Lane ownership change
26 Apr 22
4
L3HARRIS / Lewis Kramer ownership change
26 Apr 22
4
L3HARRIS / LEWIS HAY III ownership change
26 Apr 22
4
L3HARRIS / Harry B. Harris Jr ownership change
26 Apr 22
4
L3HARRIS / THOMAS A DATTILO ownership change
26 Apr 22
4
L3HARRIS / THOMAS A CORCORAN ownership change
26 Apr 22
Patents
Utility
Host process and memory separation
17 May 22
A host computer system may be configured to connect to a network.
Utility
Additive Manufacturing Device with Acousto-optic Deflector and Related Methods
12 May 22
An additive manufacturing device may include a laser source configured to generate a laser beam, a build material holder configured to hold an additive build material, a controllable deflector having a first scan rate, an AOD having a second scan rate faster than the first scan rate, and a controller.
Utility
Unmanned Underwater Vehicle (Uuv) Based Underwater Communications Network Including Short-range Navigation Device and Related Methods
12 May 22
An underwater communications network may include spaced apart nodes on a bottom of a body of water.
Utility
Docking System Including First and Second Optical Transceivers for Docking and Related Methods
12 May 22
A docking system may include a first device and a second device moveable relative to the first device.
Utility
Loran device with electrically short antenna and crystal resonator and related methods
10 May 22
A LORAN device may include a housing, and an electrically short LORAN antenna carried by the housing.
Transcripts
2022 Q1
Earnings call transcript
29 Apr 22
2021 Q4
Earnings call transcript
31 Jan 22
2021 Q3
Earnings call transcript
29 Oct 21
2021 Q2
Earnings call transcript
3 Aug 21
2021 Q1
Earnings call transcript
30 Apr 21
2020 Q4
Earnings call transcript
29 Jan 21
2020 Q3
Earnings call transcript
30 Oct 20
2020 Q2
Earnings call transcript
31 Jul 20
2020 Q1
Earnings call transcript
5 May 20
2019 Q4
Earnings call transcript
4 Feb 20
Reddit threads
Daily Discussion Thread - April 28th, 2022
28 Apr 22
Daily Discussion Thread - April 27th, 2022
27 Apr 22
What are the 5 must have dividend growth stock?
21 Mar 22
Advice on stocks
18 Mar 22
Lockheed-Martin plummeting as Congress set to request 35% fewer F-35's
16 Mar 22
Senate sends massive $1.5 trillion spending bill to Biden's desk
11 Mar 22
Daily Discussion Thread - March 10th, 2022
10 Mar 22
Daily Discussion Thread - March 9th, 2022
9 Mar 22
Daily Discussion Thread - March 8th, 2022
8 Mar 22
Good starters?
7 Mar 22