L3Harris Technologies (NYSE: LHX) reported Q1 EPS of $2.80, $0.18 better than the analyst estimate of $2.62. Revenue for the quarter came in at $4.6 billion versus the consensus estimate of $4.59 billion.

GUIDANCE:

L3Harris Technologies sees FY2020 EPS of $11.15-$11.55, versus the consensus of $11.51. L3Harris Technologies sees FY2020 revenue of $18.3-18.6 billion, versus the consensus of $18.98 billion.

• L3Harris updated its guidance for 2020 to the following to reflect current expectations and assumptions regarding COVID-19-related risks:
• Revenue in a range of $18.3 billion - $18.6 billion, up organically 3% - 5% on an adjusted pro forma basis7 (reduced from previous range of up 5% - 7%); primarily reflects downturn in commercial aerospace business, as well as some weakness in international and public safety demand and risks from supply chain disruptions
• GAAP net income margin of 8.2% - 8.5% and adjusted EBIT margin of 17.4% - 17.6% (expanded at upper end of previous range of 17.0% - 17.5%)
• GAAP EPS of $6.95 - $7.35 and non-GAAP EPS8 of $11.15 - $11.55 (reduced from previous guidance of $8.35 - $8.75 GAAP and $11.35 - $11.75 non-GAAP)
• Operating cash flow and adjusted free cash flow6 unchanged at $2.8 - $2.9 billion and $2.6 - $2.7 billion, respectively
• ~$1.7 billion in share repurchases, inclusive of proceeds from divestitures announced year-to-date

For earnings history and earnings-related data on L3Harris Technologies (LHX) click here.