• 1Q20 revenue $4.6 billion; up 168% and 5% versus prior-year GAAP and pro forma¹, respectively; funded book-to-bill of 1.11
• 1Q20 GAAP earnings per share from continuing operations (EPS) of $0.99, down 51% versus prior-year GAAP and down 43% versus prior-year pro forma
• 1Q20 non-GAAP² EPS of $2.80, up 21% versus prior-year adjusted pro forma
• 1Q20 operating cash flow of $533 million; adjusted free cash flow³ of $533 million
• Adjusted 2020 outlook to reflect pandemic-related risks primarily in commercial aerospace
• Completed divestiture of airport security and automation business on May 4, 2020, for $1 billion

MELBOURNE, Fla. — (BUSINESS WIRE) — May 5, 2020 — L3Harris Technologies, Inc. (NYSE: LHX) reported first quarter 2020 revenue of $4.6 billion, up 168% and 5% versus prior-year GAAP and pro forma¹, respectively. GAAP EPS was $0.99, down 51% versus prior-year GAAP and down 43% versus prior-year pro forma. Non-GAAP EPS² was $2.80, up 21% versus prior-year adjusted pro forma. Net income was $194 million, down 20% and 52% versus prior-year GAAP and pro forma, respectively. Adjusted earnings before interest and taxes (EBIT)² was $808 million, up 17% versus prior-year adjusted pro forma, and margin increased 170 basis points (bps) to 17.5%.

"In these unprecedented times, we have remained focused on protecting the health and safety of our employees while meeting the mission-essential requirements of our customers. We are also focused on supporting our suppliers and the communities where we live and work,” said William M. Brown, Chairman and Chief Executive Officer. “And though we’re off to a solid start to the year, we are taking a more measured approach to guidance as a result of the uncertain environment caused by the pandemic. Our liquidity and ability to drive cash generation remain strong, and we continue to execute well against our strategic priorities, including merger integration and investing for the future."

Summary Financial Results