L3Harris reported strong financial results for the fourth quarter of 2023, meeting their guidance and achieving record orders and backlog.
The company reaffirmed its financial outlook for 2024, with expected revenue of $20.7 billion to $21.3 billion and organic growth in all segments.
L3Harris expects segment operating margin to be approximately 15% in 2024, driven by increased volume, operational improvements, and cost savings from the LHX NeXt initiative.
The company anticipates non-GAAP EPS to grow to a range of $12.40 to $12.80 in 2024, with sequential growth throughout the year.
L3Harris plans to prioritize debt reduction and return excess cash to shareholders through dividends and share repurchases.
The Aerojet Rocketdyne integration is progressing well, with $50 million in cost synergies achieved and further opportunities for improvement expected. The demand for Aerojet's products exceeds supply, indicating potential market share gains.
Overall, the earnings call highlighted L3Harris' solid performance, positive outlook, and focus on driving operational efficiencies and shareholder value.