Q2 2024 L3Harris Technologies Inc Earnings Call Transcript
Key Points
- L3Harris Technologies Inc (LHX) reported strong financial results for Q2 2024, with a segment operating margin of 15.6%, up 80 basis points year-over-year.
- Non-GAAP earnings per share increased by 9% to $3.24, reflecting strong operational performance.
- The company's total backlog stands at $32 billion, indicating a robust pipeline of domestic and international opportunities.
- L3Harris Technologies Inc (LHX) has made substantial progress in improving operational performance, reducing overdue deliveries by nearly 40% in the past 12 months.
- The company increased its guidance for revenue, margin rate, and EPS for 2024, demonstrating confidence in its financial outlook.
- Despite strong financial performance, L3Harris Technologies Inc (LHX) experienced flat revenue growth in its Space and Airborne Systems and Integrated Mission Systems segments.
- The company faces ongoing challenges in its airborne combat systems business, with lower volumes impacting overall segment performance.
- L3Harris Technologies Inc (LHX) has not disclosed book-to-bill ratios by segment, which may limit transparency for investors analyzing future growth prospects.
- The company is still working through the integration of Aerojet Rocketdyne, with some legacy contract adjustments impacting current margins.
- There are concerns about potential working capital headwinds in the second half of the year, which could affect free cash flow performance.
Greetings. Welcome to the L3Harris Technologies' second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. It is now my pleasure to introduce your host, Dan gets Divisional Vice President, Investor Relations. Thank you, Dan, you may now begin.
Thank you, Rob. Good morning and welcome to our second quarter 2024 earnings call. Joining me this morning are Chris Kubasik, our CEO; and Ken Bedingfield, our CFO.
Yesterday, we published our second quarter earnings release detailing our financial results and guidance. We have 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
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