L3Harris Technologies (LHX) FY2023 results: revenue $19.4 billion, up 13.8% on the year
L3Harris Technologies, Inc. (LHX) reported revenue of $19.4 billion for fiscal 2023, the year ended 29 December 2023, up 13.8% on the year before. Net income was $1.2 billion, up 15.5%, and diluted earnings per share $6.44. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$19.4 billion
+13.8% on the year
FY2019FY2023
Operating margin
7.3%
6.6% a year earlier
FY2019FY2023
Net income
$1.2 billion
+15.5% on the year
FY2019FY2023
Diluted EPS
$6.44
+17.3% on the year
FY2019FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,096
2,158
2,687
-2.9%
Capital expenditure
449
252
342
+78.2%
Free cash flow
1,647
1,906
2,345
-13.6%
Free cash flow margin
8.5%
11.2%
13.2%
Cash from investing
-7,021
-250
1,394
Cash from financing
4,594
-1,951
-4,413
Depreciation and amortisation
1,166
938
967
+24.3%
Share-based compensation
89.0
109
129
-18.3%
Buybacks
518
1,083
3,675
-52.2%
Dividends paid
868
864
817
+0.5%
Dividend per share
$4.56
$4.48
$4.08
+1.8%
Diluted shares, weighted
191m
194m
203m
-1.5%
Shares outstanding at period end
190m
191m
194m
-0.4%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
18,765
18,523
19,213
+1.3%
Non-controlling interest
64.0
101
106
-36.6%
Short-term borrowings
n/a
n/a
2.0
Debt
13,125
7,045
7,048
+86.3%
Operating lease liabilities
705
741
768
-4.9%
Finance lease liabilities
243
165
157
+47.3%
Other liabilities
8,785
6,949
7,415
+26.4%
Total liabilities and equity
41,687
33,524
34,709
+24.3%
Goodwill
19,979
17,283
18,189
+15.6%
Intangible assets
8,540
6,001
6,640
+42.3%
Cash and equivalents
560
880
941
-36.4%
Receivables
1,230
1,251
1,045
-1.7%
Inventory
1,472
1,291
982
+14.0%
Other assets
9,906
6,818
6,912
+45.3%
Total assets
41,687
33,524
34,709
+24.3%
10-K for the year ended 29 December 2023, filed 20 February 2024: the filing.