About L3harris Technologies, Inc.
L3Harris Technologies (formerly Harris Corp. and L3 Technologies) is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers' mission-critical needs that provide advance defense and commercial technologies across air, land, sea, space, and cyber domains for government and commercial customers in approximately 130 countries. It makes tactical communications and other integrated vision solutions; air traffic management; and intelligence, surveillance, and reconnaissance systems. Although about three-quarters of L3Harris' revenue comes from US government agencies, particularly the Department of Defense, it also has customers in the commercial sector. In 2019, the former Harris Corp. and L3 Technologies combined to form L3Harris Technologies, the sixth largest defense contractor in the US.
Change in Company Type
Harris Corp. in 2019 merged with L3 Technologies to form L3Harris Technologies, a company with around $10 billion in revenue. The all-stock deal resulted in Harris shareholders owning about 55% of the company and L3 shareholders owning the rest. The company falls in line behind Lockheed Martin, Boeing, General Dynamics, and Northrop Grumman as one of the biggest defense contractors in the US and in the top 10 internationally.
L3Harris operated in four business segments.
The Integrated Mission segment, approximately 30% of revenue, provides multi-mission ISR including fleet management support services, sensor development, modifications and periodic depot maintenance; command, control, communications, computers and cyber intelligence, surveillance and reconnaissance equipment for maritime platforms. It also makes advanced EO/IR sensors and surveillance and targeting systems and provide modernization and life extension maintenance upgrade and support services for military aircraft.
The Space and Airborne Systems segment, roughly 25% of revenue, provides intelligence, space protection, geospatial, complete Earth observation, universe exploration, positioning, navigation, and timing, and environmental equipment for national security, defense, civil, and commercial customers. Among its products are advanced sensors, antennas, and payloads as well as ground processing and information analytics.
Its Communication Systems segment, nearly 25% of revenue, develops and makes tactical radio communications, SATCOM terminals and night vision systems, and equipment for public safety networks.
The Aviation Systems segment, over 20% of revenue, provides precision engagement sensors and systems, small UAVs, antennas and arrays, RF amplifiers and microwave electronic devices. This segment also provides airport security and detection solutions, commercial and military pilot training and flight and maintenance simulation solutions to commercial airlines, aircraft manufacturers, DoD and foreign military agencies, and mission-critical infrastructure communications and networking solutions for ATM for the U.S. Federal Aviation Administration ("FAA") and international airspace national service providers.
The product sales accounts for approximately 75% of the company's total revenue.
Headquartered in Melbourne, Florida, L3Harris operates approximately 400 locations in Canada, Europe, Australia, the Middle East, South America, Africa, Asia, and the US. Customers in the US account for around 70% of revenue.
Sales and Marketing
L3Harris largest customers being various departments of the US government agencies such as Department of Defense and their prime contractors, the U.S. Intelligence Community, the U.S. Department of Homeland Security, foreign governments and domestic and foreign commercial customers. . US government-related revenue, including prime contractors and supported foreign defense organizations, accounts for nearly 75% of sales.
Revenue rose 36% to $2.4 billion in 2020 (ended June) from 2019.
Net income dipped about $127 million to $822 million in 2020 from 2019.
The company's coffers held $824 million in cash in 2020 compared to $530 million the year before. In 2020, operations generated $939 million, while investing activities used $1.3 billion and financing activities used $2 billion.
In recent years, L3Harris have successfully integrated Exelis, reshaped The Company's portfolio of businesses to focus on high-growth, high-margin, technology-differentiated businesses, combined with L3 in a transformative merger of equals and have made investments in technology and innovation that have led to several new product launches and strategic program awards. Execution of this multi-year strategy set the stage for financial results during the Fiscal Transition Period that have exceeded the targets we set at the beginning of the period.
The company has divested services businesses to narrow its focus on technology and it has reorganized to take advantage of similar functions among its businesses. The new segments are Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems.
L3Harris plans to reduce costs by about $500 million eliminating duplication, combining processes, and other methods.
While its plans to partner with other defense contractors to get parts of contracts, its scope should enable the company to move into a prime contracting role in some of its areas of expertise such as communications, networking, and electronics.
Mergers and Acquisitions
Harris Corporation and L3 Technologies announced that they have received the necessary regulatory approvals for their all-stock merger in 2019. Upon closing, Harris will be renamed L3Harris Technologies, Inc., and shares of L3Harris common stock will trade on the NYSE under ticker symbol "LHX". L3 shares will cease trading upon market and convert into 1.3 L3Harris shares for each L3 share.
1025 W NASA Blvd
Melbourne, FL 32919-0001
Phone: 1 (321) 727-9100
Employer Type: Publicly Owned
Stock Symbol: LHX
Stock Exchange: , NYSE
Chairman, President, and CEO: William M. Brown
CIO: Henry Debnam
SVP and CFO: Rahul Ghai
Employees (This Location): 269
Employees (All Locations): 31,000
Los Angeles, CA
San Diego, CA
Thousand Oaks, CA
Vandenberg Afb, CA
Van Nuys, CA
Colorado Springs, CO
Palm Bay, FL
Palm Harbor, FL
Panama City, FL
Warner Robins, GA
Mount Prospect, IL
Fort Wayne, IN
Annapolis Junction, MD
Lexington Park, MD
Las Vegas, NV
Beavercreek Township, OH
Mount Pleasant, SC
Salt Lake City, UT
Newport News, VA
Agrate Brianza, Italy
North York, Canada
Thames Ditton, England