L3Haris<\/b> Space and Airborne Systems and Communications System segments drove revenue increase for the company in 2020, along with Integrated Mission Systems, while Aviation Systems experienced a decline due to COVID-19 impacts. <\/p>\n
Space and Airborne Systems reported $1.3 billion in revenue for the Fourth Quarter (Q4), a 4.3% increase over the same time period in 2019. The company attributed this increase to a ramp on the F-35 platform in Mission Avionics, and growth in Space from recent program wins. The company highlighted several key awards for Space during the quarter, including contracts totaling more than $100 million to deliver imaging payloads for classified customers and a $137 million award to provide four fully-digital navigation payloads to be integrated into GPS III follow-on space vehicles 13 to 16.<\/p>\n
For the full year, Space and Airborne Systems reported $4.9 billion in revenue, up 14% from 2019, primarily due to the post-merger inclusion of L3 operations in the results. The Harris Corporation<\/strong> and L3 Technologies<\/strong> merger closed on June 29, 2019.<\/p>\n The Communications Systems segment also saw a Q4 increase in sales, reporting $1.1 billion in sales, a 2% increase over Q4 2019. For 2020, the segment reported $4.4 billion in sales, a 33% increase over 2019 due to the post-merger inclusion of L3 operations in results. The Communications Segment highlighted a five-year $88 million Indefinite Delivery\/Indefinite Quantity (IDIQ) contract to deliver its Panther II Very Small Aperture Terminals (VSAT) to the U.S. Marine Corps, with an initial $21 million order. <\/p>\n Overall, L3Harris reported $4.7 billion in revenue for the quarter, down 3.6% compared to the same time period in 2019. Full-year revenue, however, increased 42% compared to the prior year, which the company attributed to the post-merger inclusion of L3 operations in results. This was partially offset by divestitures and COVID-related impacts on commercial sales. <\/p>\n Chairman and CEO William Brown said in a news release called the company\u2019s performance in 2020 \u201csolid,\u201d and said the company exceed initial 2020 guidance for margins, EPS and free cash flow. <\/p>\n \u201cWe\u2019re clearly making progress in building a high-performance, technology-focused operating company and positioning L3Harris as a full end-to-end mission solutions prime. In 2021, we\u2019ll build on our momentum as we remain focused on meeting employee, customer and shareholder commitments,\u201d Brown said. <\/p>\n L3Harris issued guidance for 2021, targeting revenue growth of 3% to 5%, and revenue between $18.5 billion to $18.9 billion. <\/p>\n","protected":false},"excerpt":{"rendered":" L3Haris Space and Airborne Systems and Communications System segments drove revenue increase for the company in 2020, along with Integrated Mission Systems, while Aviation Systems experienced a decline due to COVID-19 impacts. Space and Airborne Systems reported $1.3 billion in revenue for the Fourth Quarter (Q4), a 4.3% increase over the same time period in […]<\/p>\n","protected":false},"author":1,"featured_media":49759,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-58165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/58165"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=58165"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/58165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/49759"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=58165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=58165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=58165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}