L3Harris Technologies Q2 2022

In its Q2 2022 quarterly financial update, space and airborne systems provider L3Harris reported:

• A $53 million YoY increase in Space-related revenues. Despite this, revenue for the entire Space & Airborne Systems (SAS) segment decreased 1% compared to the second quarter last year because of a $35 million decline in the airborne business.
• The company won a $250 million follow-on award during the quarter to provide avionics and communication equipment for United Launch Alliance Vulcan Centaur rocket to support launches for Amazon’s Project Kuiper satellites.
• L3Harris’ Communications Systems segment, which includes satellite terminals, saw a 12% revenue decline in the second quarter compared to the same period last year. Revenue was $1.1 billion.
• L3 Harris Broadband Communications declined $69 million, due to lower volume on legacy platforms.
• Tactical Communications declined $66 million, primarily from continued supply chain disruptions arising from electronic component shortages. Tactical Communications second quarter-funded backlog grew to $1.5 billion, on a book-to-bill of 1.5x.
• L3Harris said it has a $4 billion multi-year pipeline for classified space.
• The overall L3Harris company reported that revenues declined 11% in the second quarter, compared to the same time last year. The company reported $4.7 billion in total revenue.
• L3Harris becomes yet another space company that reports “modest impacts” from a competitive hiring market. 
• L3Harris shifted its 2022 full year financial outlook toward the low end of its projected range. Revenue guidance is from $17.3 billion to $17.7 billion, which would mean 1% to 3% revenue growth for the company.