L3Harris Technologies Q1 2022

In Q1 2022 L3Harris Technologies reported:

• $4.1 billion in Q1 revenue – a 10% decline compared to the first quarter of 2021
• Each segment — Integrated Mission Systems, Space and Airborne Systems, and Communication Systems — saw revenue decline.
• Space & Airborne Systems reported $1.5 billion in revenue for the quarter. This segment saw the smallest revenue decrease compared to other segments, — down 1% compared to Q1 last year.
• The Communications Systems segment, which includes satellite terminals, reported a 13% revenue decrease during the quarter compared to the same time last year. Communication Systems revenue was $963 million during the quarter.
• Tactical Communications declined $59 million primarily due to supply chain impacts and Broadband Communications declined $72 million due to lower volume on legacy platforms.
• L3Harris is forecasting modest growth in 2022, projecting full year revenue between $17.3 billion and $17.7 billion, with organic revenue growth between 1% to 3%.
• The company also highlighted that the 6% topline increase in the government fiscal year 2022 National Defense Budget supports funding for L3Harris programs including responsive satellites and resilient communications.