L3Harris Technologies, Inc. has recently released its 10-K report, providing an in-depth look at the company's financial performance and operations. L3Harris Technologies, Inc. is a leading provider of mission-critical solutions for government and commercial customers globally. The company's business is structured into four segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aerojet Rocketdyne. L3Harris Technologies, Inc. serves government customers in over 100 countries, with a significant portion of its revenue derived from sales to U.S. Government customers, including foreign military sales funded through the U.S. Government.
In the fiscal year ended January 3, 2025, L3Harris Technologies, Inc. reported total revenue of $21.3 billion, representing an increase from $19.4 billion in the previous fiscal year. The revenue was generated from both products and services. Products revenue for fiscal 2024 increased to $15.1 billion, primarily due to the inclusion of a full year of products revenue from Aerojet Rocketdyne Holdings, Inc. (AJRD), following its acquisition in July 2023. Services revenue also saw an increase, reaching $6.2 billion in fiscal 2024.
The company's gross margin for fiscal 2024 increased to $5.5 billion, up from $5.1 billion in fiscal 2023. This increase was attributed to higher revenue and a favorable net change in estimate at completion adjustments. Operating income for the fiscal year ended January 3, 2025, stood at $1.9 billion, compared to $1.4 billion in the previous fiscal year.
L3Harris Technologies, Inc. reported net income attributable to the company of $1.5 billion for the fiscal year ended January 3, 2025, an increase from $1.2 billion in the previous fiscal year. The company's diluted earnings per share (EPS) also showed growth, reaching $7.87 in fiscal 2024, up from $6.44 in fiscal 2023.
The company's financial performance was influenced by various factors, including the inclusion of a full year of revenue from acquired businesses, changes in the mix of lower margin revenue, and increased costs associated with LHX NeXt implementation, among others.
L3Harris Technologies, Inc. remains focused on its strategic priorities of performance, growth, and innovation. The company plans to continue investing in profitable growth opportunities, sustain its culture of innovation, and deliver on its commitments to investors and customers. Additionally, the company aims to leverage innovation as a competitive advantage to develop rapid solutions.
The market has reacted to these announcements by moving the company's shares -1.2% to a price of $197.61. For the full picture, make sure to review L3Harris Technologies's 10-K report.
