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L3Harris Technologies Inc. (LHX+1.33%) has submitted its annual report on Form 10-K for the fiscal year ended January 3, 2025 filing.
The company reported total revenue of $21,325 million, an increase from $19,419 million in the previous year. The increase was driven by higher sales in its Communication Systems and Integrated Mission Systems segments.
Operating income for the year was $1,918 million, up from $1,426 million in the prior year. The increase in operating income was attributed to improved program performance and cost savings initiatives.
Net income attributable to L3Harris Technologies Inc. was $1,502 million, compared to $1,227 million in the previous year. Earnings per share were reported at $7.87, an increase from $6.44.
The company completed the acquisition of Aerojet Rocketdyne Holdings, Inc. in July 2023, which contributed to the revenue growth. The acquisition was financed through the issuance of new long-term debt.
L3Harris also divested its Antenna disposal group and Aerojet Ordnance Tennessee, Inc., resulting in net cash proceeds of $273 million.
The company's backlog at the end of the fiscal year was $34.2 billion, with 45% expected to be recognized as revenue by the end of fiscal 2025.
L3Harris continues to focus on its LHX NeXt initiative, aimed at enhancing organizational agility and performance, with implementation costs impacting general and administrative expenses.
The company reported a funded status of $789 million for its defined benefit plans, with contributions expected to continue in fiscal 2025.
L3Harris remains committed to returning cash to shareholders, with $554 million spent on share repurchases during the fiscal year.
The company anticipates no material issues with liquidity for the next 12 months, supported by its cash position, credit facilities, and access to debt markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the L3Harris Technologies Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.