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L3Harris Technologies (LHX) Q4 FY2021 earnings: revenue $4.3 billion, down 6.7% on the year

L3Harris Technologies, Inc. (LHX) reported revenue of $4.3 billion for Q4 FY2021, the quarter ended 31 December 2021, down 6.7% on the same quarter a year earlier. Net income was $484 million, up 150.8% on the year, and diluted earnings per share $2.44. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue
$4.3 billion
-6.7% on the year · +2.9% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
n/a
Q1 FY2020Q4 FY2021
Net income
$484 million
+150.8% on the year · +0.6% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$2.44
+165.2% on the year · +2.1% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue4,3504,2294,660+2.9%-6.7%
Cost of revenue3,053n/an/a
Gross profit1,297n/an/a
Gross margin29.8%n/an/a
Selling, general and administrative795n/an/a
Pre-tax income588n/an/a
Income tax104n/an/a
Effective tax rate17.7%n/an/a
Net income484481193+0.6%+150.8%
Net margin11.1%n/an/a
Diluted EPS$2.44$2.39$0.92+2.1%+165.2%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow822n/an/a
Capital expenditure135n/an/a
Free cash flow687n/an/a
Free cash flow margin15.8%n/an/a
Cash from investing-6.0n/an/a
Cash from financing-1,000n/an/a
Depreciation and amortisation719241n/a+198.3%
Share-based compensation29.0n/an/a
Buybacks800n/an/a
Dividends paid199n/an/a
Diluted shares, weighted203m202m216m+0.8%-5.9%
Shares outstanding at period end194m197m208m-1.7%-7.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity19,21319,48420,724-1.4%-7.3%
Non-controlling interest106n/an/a
Short-term borrowings2.0n/an/a
Debt7,0487,0536,943-0.1%+1.5%
Operating lease liabilities768n/an/a
Finance lease liabilities157n/an/a
Other liabilities7,415n/an/a
Total liabilities and equity34,709n/an/a
Goodwill18,189n/an/a
Intangible assets6,640n/an/a
Cash and equivalents9411,1261,276-16.4%-26.3%
Receivables1,045n/an/a
Inventory982n/an/a
Other assets6,912n/an/a
Total assets34,709n/an/a

Questions

What was L3Harris Technologies' revenue in Q4 FY2021?

L3Harris Technologies (LHX) reported revenue of $4.3 billion for Q4 FY2021, the quarter ended 31 December 2021, down 6.7% on the same quarter a year earlier.

How much did L3Harris Technologies earn in Q4 FY2021?

Net income for Q4 FY2021 was $484 million, up 150.8% on the year, and diluted earnings per share $2.44.

When did L3Harris Technologies report Q4 FY2021 results?

L3Harris Technologies filed its 10-K for the year that ended with the quarter on 25 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022 †Q2 FY2022Q3 FY2022Q4 FY2022 * †Q1 FY2023Q2 FY2023 †Q3 FY2023Q4 FY2023 * †Q1 FY2024 †Q2 FY2024Q3 FY2024Q4 FY2024 * †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue4,3504,1034,1354,2464,5784,4714,6934,9155,3405,2115,2995,2925,5235,1325,4265,6595,6485,7445,8816,060
Cost of revenue3,0532,8602,9073,0523,3163,3053,5063,6083,8873,8633,9393,8734,1263,7824,0914,1654,2024,3424,3794,448
Gross profit1,2971,2431,2281,1941,2621,1661,1871,3071,4531,3481,3601,4191,3971,3501,3351,4941,4461,4021,5021,612
Gross margin30%30%30%28%28%26%25%27%27%26%26%27%25%26%25%26%26%24%26%27%
SG&A795745744742799773787828878970884924790825764873968750848826
Operating incomen/an/an/an/an/a393400479154378476495569525571621393652654786
Operating marginn/an/an/an/an/a9%9%10%3%7%9%9%10%10%11%11%7%11%11%13%
Interest expensen/an/an/an/an/an/an/a159n/an/an/a166675150152152143136129116
Pre-tax income588536525-32153337337240076.0290390430487459524567382589710743
Tax rate18%11%10%n/a22%9%6%4%-66%2%6%6%6%16%13%19%21%13%15%15%
Net income484475471-300416337349383158283366400453386458462300512600632
Net margin11%12%11%-7%9%8%7%8%3%5%7%8%8%8%8%8%5%9%10%10%
Diluted EPS$2.44$2.44$2.42-$1.56$2.19$1.76$1.83$2.02$0.83$1.48$1.92$2.10$2.37$2.04$2.44$2.46$1.59$2.72$3.13$3.28
Operating cash flow82239.0749588782350414543789-1047547801,129-42.06405461,962-95.08791,439
Capital expenditure13555.062.064.071.071.093.014813711597.078.011859.088.011915899.0108179
Free cash flow687-16.0687524711279321395652-2196577021,011-1015524271,804-1947711,260
Buybacks8003084211711833961220.00.023389.019042.056925317615629622973.0
Dividends paid199218217215214220216216216224221220221228225225225238232234
Shares outstanding194m193m192m191m191m189m189m189m190m189m190m190m190m188m187m187m187m187m186m186m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 25 February 2022: the filing.