Q4 2024 L3Harris Technologies Inc Earnings Call Transcript
Key Points
- L3Harris Technologies Inc (LHX) achieved a record backlog, positioning the company well for future growth.
- The company reported a 10% increase in revenue for 2024, reaching $21.3 billion, with a 4% organic growth.
- L3Harris Technologies Inc (LHX) successfully integrated Aerojet Rocketdyne and Tactical Data Link acquisitions, strengthening its portfolio.
- The company exceeded its cost savings target, achieving $800 million in 2024, and expects to reach $1.2 billion by the end of 2025.
- L3Harris Technologies Inc (LHX) won significant contracts, including a $1 billion IDIQ award for the US Navy and the next-gen jammer competition, enhancing its market position.
- The SAS segment experienced a 4% decline in revenue year-over-year, primarily due to the divestiture of the antenna business.
- Challenges were noted in some fixed-price development programs in the space sector, impacting margins.
- The company faces potential impacts from new executive orders and government contracting changes, which could affect Q1 2025 bookings and revenue.
- L3Harris Technologies Inc (LHX) reported negative EAC adjustments of approximately $100 million in 2024 due to issues in space programs.
- The divestiture of the commercial aviation solutions business is taking longer than expected, impacting revenue projections.
Good morning, ladies and gentlemen and welcome to the fourth-quarter 2024 L3Harris Technologies earnings call.
(Operator Instructions)
This call is being recorded on Thursday, January 30, 2025.
I would now like to turn the conference over to Daniel Gittsovich. Please go ahead.
Thank you, Joanna. Good morning and welcome.
Joining me this morning are Chris and Ken.
Earlier today, we published our fourth quarter earnings release, detailing our financial results and 2025 guidance. We've also provided a supplemental earnings presentation on our website. Today's discussion will include certain matters that constitute forward-looking statements. These statements involve risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please reference our earnings release and SEC filings. We will also discuss non-GAAP financial measures which are reconciled to GAAP
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