L3Harris Technologies reported strong fourth-quarter and full-year 2024 financial results, achieving a record $34 billion backlog and surpassing cost-saving targets. Fourth-quarter revenue increased 3% to $5.5 billion, with full-year revenue rising 10% to $21.3 billion, reflecting solid demand across its defense and aerospace businesses. GAAP diluted EPS for Q4 was $2.37, while non-GAAP diluted EPS was $3.47. For the full year, GAAP diluted EPS was $7.87, and non-GAAP diluted EPS reached $13.10. Adjusted free cash flow for 2024 totaled $2.3 billion, a 14% increase.

Key business segments showed mixed performance: Integrated Mission Systems (IMS) revenue grew 9% in Q4, driven by higher aircraft missionization volume and increased demand for advanced electronics. Communication Systems (CS) revenue rose 5% on strong international demand for tactical radios. Space & Airborne Systems (SAS) saw a 4% revenue decline, mainly due to lower F-35-related volume, while Aerojet Rocketdyne (AR) revenue increased 5% as missile production ramped up.

The company is targeting $1.2 billion in cost savings from its LHX NeXt initiative by 2025, a year ahead of schedule. For 2025, revenue is projected between $21.8 billion and $22.2 billion, with adjusted segment operating margin expected in the mid-to-high 15% range. Non-GAAP diluted EPS (new methodology) is forecasted between $10.55 and $10.85, reflecting a 10% growth.

L3Harris remains focused on operational efficiencies, international expansion, and shareholder returns, leveraging its position as a leading defense contractor in a dynamic global market.