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L3 TECHNOLOGIES, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2019 10-Q, filed May 1, 2019. Its latest SEC filing is a 15-12B from Jul 11, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Sells intelligence, surveillance and reconnaissance systems, communications equipment, and electronic and sensor systems to government agencies, defense contractors and commercial customers.

How Did They Make Money?

Government agencies and prime contractors pay under long-term contracts for the design, development, modification, upgrade and support of aerospace and electronic equipment. Bills are tied to work costs or milestones; standard goods are generally paid for at delivery and acceptance.

FY2018 revenue

Who Were Their Customers?

U.S. government agencies and their prime contractors are the main buyers, alongside foreign governments and commercial customers. L3 sells both directly to end customers and as a subcontractor or supplier to prime contractors.

Did Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2018.

Operating income, FY2018
11% of revenue
▲ +9% vs FY2017 ($1B, 11%)
Net income, FY2018
10% of revenue
▲ +48% vs FY2017 ($677M, 7%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q1 FY2019, the three months to Mar 29, 2019
Revenue
▲ +14%
vs $2.4B in Q1 FY2018
Net income
▲ +7%
vs $203M in Q1 FY2018
  • Jul 1, 2019 L3 completed its merger with Harris L3 became a direct wholly owned subsidiary of L3Harris.
  • Jun 21, 2019 Merger clearance required Harris to divest its night-vision business L3 and Harris received regulatory approvals after agreeing to preserve and sell Harris’ Night Vision business.
  • May 1, 2019 L3 increased its 2019 full-year financial guidance

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