AI English summary of an SEC filing — figures as filed
L3Harris LHXL3Harris said revenue for the quarter ended June 28, 2024 rose 13% from a year earlier, mainly due to the inclusion of $581 million of revenue from the AJRD acquisition, reported in its AR segment, and a $57 million increase in CS segment revenue.
Key points
AI summaryL3Harris said revenue for the quarter ended June 28, 2024 rose 13% from a year earlier, mainly due to the inclusion of $581 million of revenue from the AJRD acquisition, reported in its AR segment, and a $57 million increase in CS segment revenue.
The company said its cumulative general and administrative (G&A) expenses for the two quarters increased, with the higher LHX NeXt implementation costs including $65 million of employee severance charges and $110 million of third-party consulting and IT expenses.
The company completed the divestiture of its Antenna Disposal Group, previously reported in its SAS segment, on May 31, 2024, and cited the related pre-tax losses and pre-tax losses tied to the pending divestiture of its CAS Disposal Group as factors in the increase in quarterly G&A expenses.
The company said net cash provided by operating activities for the cumulative two quarters decreased by $114 million from the prior-year period, and it cited cash and cash equivalents of $547 million as of June 28, 2024, of which $283 million was held by its foreign subsidiaries.
Key figures
Quarter ended June 28, 2024
- Revenue
- $5.3B
- Operating income
- $476M
- Net income
- $366M
- EPS
- $1.92
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Quarterly Revenue Up 13% on AJRD Consolidation
L3Harris said revenue for the quarter ended June 28, 2024 rose 13% from a year earlier, mainly due to the inclusion of $581 million of revenue from the AJRD acquisition, reported in its AR segment, and a $57 million increase in CS segment revenue.
Source · Based on the MD&A text of the filing
Cumulative G&A Expenses and LHX NeXt
The company said its cumulative general and administrative (G&A) expenses for the two quarters increased, with the higher LHX NeXt implementation costs including $65 million of employee severance charges and $110 million of third-party consulting and IT expenses.
Source · Based on the MD&A text of the filing
Antenna Disposal Group Sale Completed, CAS Sale Pending
The company completed the divestiture of its Antenna Disposal Group, previously reported in its SAS segment, on May 31, 2024, and cited the related pre-tax losses and pre-tax losses tied to the pending divestiture of its CAS Disposal Group as factors in the increase in quarterly G&A expenses.
Source · Based on the MD&A text of the filing
Two-Quarter Operating Cash Flow and Cash Balance
The company said net cash provided by operating activities for the cumulative two quarters decreased by $114 million from the prior-year period, and it cited cash and cash equivalents of $547 million as of June 28, 2024, of which $283 million was held by its foreign subsidiaries.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…