L3Harris Technologies, Inc. Q4 FY2023 results: revenue $5.3 billion, up 16.6% on the year

L3Harris Technologies, Inc. (LHX) reported revenue of $5.3 billion for Q4 FY2023, the quarter ended 29 December 2023, up 16.6% on the same quarter a year earlier. Net income was $158 million, down 62.0% on the year, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue$5.3 billionup 16.6%

Net income$158 milliondown 62.0%

Diluted EPS$0.83

QuarterQ4 FY2023ended 29 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,340	4,915	n/a	n/a
Cost of revenue	3,917	3,608	n/a	n/a
Gross profit	1,423	1,307	n/a	n/a
Gross margin	26.6%	26.6%	n/a
Selling, general and administrative	878	828	n/a	n/a
Operating income	154	479	n/a	n/a
Operating margin	2.9%	9.7%	n/a
Interest expense	n/a	159	n/a	n/a
Pre-tax income	76.0	400	n/a	n/a
Income tax	-50.0	18.0	n/a	n/a
Effective tax rate	-65.8%	4.5%	n/a
Net income	158	383	n/a	n/a
Net margin	3.0%	7.8%	n/a
Diluted EPS	$0.83	$2.02	n/a	n/a

$ million except per share. Fourth 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	789	543	n/a	n/a
Capital expenditure	137	148	n/a	n/a
Free cash flow	652	395	n/a	n/a
Free cash flow margin	12.2%	8.0%	n/a
Depreciation and amortisation	896	102	n/a	n/a
Share-based compensation	22.0	22.0	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	216	216	n/a	n/a
Dividend per share	n/a	$1.14	n/a	n/a
Diluted shares, weighted	191m	190m	n/a	n/a
Shares outstanding at period end	190m	189m	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	41,687	42,293	n/a	n/a
Cash and equivalents	560	499	n/a	n/a
Receivables	1,230	1,381	n/a	n/a
Inventory	1,472	1,638	n/a	n/a
Goodwill	19,979	20,736	n/a	n/a
Long-term debt	11,160	11,140	n/a	n/a
Long-term debt including finance leases	11,160	11,140	n/a	n/a
Borrowings, as the company tags them	11,226	11,226	n/a	n/a
Operating lease liabilities	705	736	n/a	n/a
Finance lease liabilities	243	n/a	n/a	n/a
Shareholders' equity	18,765	18,616	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,915	5,340	5,211	5,299	5,292	5,523	5,132	5,426	5,659	5,648	5,744	5,881
Cost of revenue	3,608	3,917	3,863	3,939	3,873	4,126	3,782	4,091	4,165	4,202	4,342	4,379
Gross profit	1,307	1,423	1,348	1,360	1,419	1,397	1,350	1,335	1,494	1,446	1,402	1,502
Gross margin	27%	27%	26%	26%	27%	25%	26%	25%	26%	26%	24%	26%
SG&A	828	878	970	884	924	790	825	764	873	968	750	848
Operating income	479	154	378	476	495	569	525	571	621	393	652	654
Operating margin	10%	3%	7%	9%	9%	10%	10%	11%	11%	7%	11%	11%
Interest expense	159	n/a	n/a	n/a	166	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	400	76.0	290	390	430	487	459	524	567	382	589	710
Tax rate	4%	-66%	2%	6%	6%	6%	16%	13%	19%	21%	13%	15%
Net income	383	158	283	366	400	453	386	458	462	300	512	600
Net margin	8%	3%	5%	7%	8%	8%	8%	8%	8%	5%	9%	10%
Diluted EPS	$2.02	$0.83	$1.48	$1.92	$2.10	$2.37	$2.04	$2.44	$2.46	$1.59	$2.72	$3.13
Operating cash flow	543	789	-104	754	780	1,129	-42.0	640	546	1,962	-95.0	879
Capital expenditure	148	137	115	97.0	78.0	118	59.0	88.0	119	158	99.0	108
Free cash flow	395	652	-219	657	702	1,011	-101	552	427	1,804	-194	771
Buybacks	0.0	0.0	233	89.0	190	42.0	569	253	176	156	296	229
Dividends paid	216	216	224	221	220	221	228	225	225	225	238	232
Shares outstanding	189m	190m	189m	190m	190m	190m	188m	187m	187m	187m	187m	186m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* 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. 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.

Source

10-K for the period ended 29 December 2023, filed 20 February 2024, accession 0000202058-24-000029: the filing on EDGAR. All of L3Harris Technologies, Inc.'s filings: EDGAR company page.

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