US-based technology company and defence contractor L3Harris Technologies has reported a revenue of $4.1bn in the first quarter of the year that ended on 1 April 2022.
The figure represents a 10% decline compared to the $4.57bn recorded in the corresponding period a year ago. On an organic basis, revenue fell by 5%.
The company attributed the fall to lingering supply chain disruptions, timing of contract awards, and airborne programme transitions.
L3Harris’ net income in the quarter increased to $475m, from $466m in the same period a year prior. Earnings per share (EPS) were $2.44 in Q1 2022.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEarlier this year, L3Harris announced the reorganisation of its operations and moved from four business segments to three.
See Also:
The company’s Integrated Mission Systems segment posted a revenue of $1.72bn in the first quarter of 2022, declining marginally from the $1.75bn recorded in the same period last year.
Space and Airborne Systems’ quarterly revenue also fell marginally on a year-on-year (YoY) basis from $1.46bn to $1.45bn.
The other business segment, Communication Systems, reported a 13% drop in quarterly revenue, with figures dropping from $1.1bn in Q1 2021, to $963m in Q1 2022.
In a letter to investors, L3Harris Technologies vice-chair and CEO Christopher E Kubasik said: “Our first quarter results are consistent with our prior guidance of a back-half 2022 ramp in revenue and margins. Revenue declined 10% and 5% organically from continued supply chain disruptions, award timing, and airborne programme transitions.
“Segment operating margin declined 40 basis points primarily due to supply chain disruptions. EPS of $2.44 was up given the absence of non-recurring items and non-GAAP EPS of $3.12 was down due to the decline in revenue and margins, partially offset by tax rate favourability and a share count decline of 6% year-over-year from our ongoing share repurchase activity.”
