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北京时间·🕒 发布 04:14:18时区推断·⟳ 抓取 04:14:24·⚡ 决策 07-30 04:15:32 +1m08s·89.5 天前
L3Harris二季度业绩小幅超预期但全年指引未见上修
L3Harris（LHX.US）二季度收入58.81亿美元、GAAP EPS 3.13美元，均高于市场预期，经营现金流和自由现金流同比改善。
📄 原文Seeking Alpha↗ 原文
L3Harris Technologies GAAP EPS of $3.13 beats by $0.32, revenue of $5.9B beats by $80M
Second Quarter | Year to Date | 2026 Guidance | ||||||||||||||||| ($ millions, except per share data) | 2026 | 2025 | 2…
不做 L3Harris Technologies（LHX.US）
预定财报日的小幅收入/EPS beat，全年指引未见明确上修，且国防板块同业强业绩已提前交易；当前缺少可执行的新增edge，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 财报前预览已给出二季度收入约58.1亿美元、EPS约2.80美元的市场预期，说明本次披露属于可预期财报事件。
- 美股收盘后快讯披露L3Harris二季度GAAP EPS 3.13美元、收入约58.8亿美元，分别高于预期0.32美元和0.8亿美元。市场反应:事件发生时美股已收盘，不可连续成交。
- 公司投资者关系页列示2026年收入、分部利润率、EPS和自由现金流框架，未看到足以改变全年模型的明确上修信息。
- 同业Lockheed Martin和RTX此前强业绩已带动国防板块交易，LHX本次小幅beat可能更多是板块趋势确认。市场反应:RTX和Lockheed Martin在同业财报后显著上涨。
关键理由
- L3Harris（LHX.US）二季度收入58.81亿美元、GAAP EPS 3.13美元，均高于市场预期，经营现金流和自由现金流同比改善。
- 但该财报是日历内盘后披露，市场此前已预期收入约58.1亿美元、EPS约2.80美元，收入超预期幅度约1.4%，不是足以推动大市值国防股重定价的强 surprise。
- 公司披露的2026年收入、自由现金流和分部利润率目标基本延续既有框架，缺少上调全年指引或新增大额订单这类更硬的短线催化。
主要风险
- 若盘后电话会披露未在快讯中体现的订单、Missile Solutions IPO或2028框架上修，可能需要由新信号重新评估。
- 国防板块近期已被Lockheed Martin、RTX强业绩和美国防预算预期带动，LHX自身财报小幅 beat 的边际信息可能被板块 beta 吸收。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-23 · 影响 weakens
财报前已有收入和EPS一致预期，实际收入只高约1.4%，且未见全年指引显著上修。
检索:L3Harris Q2 2026 earnings guidance consensus EPS revenue July 29 2026 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-07-29 · 影响 weakens
官方框架仍围绕既有2026承诺，缺少新增订单金额、上调全年EPS或FCF的硬增量。
检索:L3Harris Technologies Reports Second Quarter 2026 Results guidance 原文 ↗
原文全文
展开原文 · 2,007 字
Second Quarter | Year to Date | 2026 Guidance | |||||||||||||||||
($ millions, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
Revenue | |||||||||||||||||||
Space & Mission Systems | $ | 2,966 | $ | 2,770 | $ | 5,956 | $ | 5,181 | |||||||||||
Communications & Spectrum Dominance | 1,943 | 1,861 | 3,798 | 3,670 | |||||||||||||||
Missile Solutions | 1,054 | 925 | 2,044 | 1,765 | |||||||||||||||
Intersegment | (82 | ) | (130 | ) | (173 | ) | (204 | ) | |||||||||||
Segment revenue1 | 5,881 | 5,426 | 11,625 | 10,412 | |||||||||||||||
Other2 | — | — | — | 146 | |||||||||||||||
Revenue | $ | 5,881 | $ | 5,426 | $ | 11,625 | $ | 10,558 | |||||||||||
Operating income | |||||||||||||||||||
Space & Mission Systems | $ | 290 | $ | 289 | $ | 603 | $ | 527 | |||||||||||
Communications & Spectrum Dominance | 522 | 458 | 987 | 901 | |||||||||||||||
Missile Solutions | 130 | 116 | 254 | 212 | |||||||||||||||
Segment operating income1 | 942 | 863 | 1,844 | 1,640 | |||||||||||||||
Unallocated corporate items and other, net2 (see Table 4) | (288 | ) | (292 | ) | (538 | ) | (544 | ) | |||||||||||
Operating income | $ | 654 | $ | 571 | $ | 1,306 | $ | 1,096 | |||||||||||
Operating margin | 11.1 | % | 10.5 | % | 11.2 | % | 10.4 | % | |||||||||||
Segment operating margin1 | 16.0 | % | 15.9 | % | 15.9 | % | 15.8 | % | low 16% | ||||||||||
Tax rate | |||||||||||||||||||
Effective tax rate | 15.5 | % | 12.6 | % | 14.4 | % | 14.1 | % | |||||||||||
GAAP EPS | |||||||||||||||||||
Diluted EPS | $ | 3.13 | $ | 2.44 | $ | 5.85 | $ | 4.48 | |||||||||||
Diluted weighted-average common shares outstanding | 187.3 | 187.8 | 187.7 | 188.5 | |||||||||||||||
Cash flow | |||||||||||||||||||
Cash from operations | $ | 879 | $ | 640 | $ | 784 | $ | 598 | $3.6B | ||||||||||
Free cash flow3 | $ | 771 | $ | 561 | $ | 584 | $ | 460 | $3.0B | ||||||||||
Repurchases of common stock | $ | 229 | $ | 253 | $ | 525 | $ | 822 | |||||||||||
Dividends paid | $ | 232 | $ | 225 | $ | 470 | $ | 453 | |||||||||||
($ millions, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||
Revenue | |||||||||||||||||||
Space & Mission Systems | $ | 2,966 | $ | 2,770 | $ | 5,956 | $ | 5,181 | |||||||||||
Communications & Spectrum Dominance | 1,943 | 1,861 | 3,798 | 3,670 | |||||||||||||||
Missile Solutions | 1,054 | 925 | 2,044 | 1,765 | |||||||||||||||
Intersegment | (82 | ) | (130 | ) | (173 | ) | (204 | ) | |||||||||||
Segment revenue1 | 5,881 | 5,426 | 11,625 | 10,412 | |||||||||||||||
Other2 | — | — | — | 146 | |||||||||||||||
Revenue | $ | 5,881 | $ | 5,426 | $ | 11,625 | $ | 10,558 | |||||||||||
Operating income | |||||||||||||||||||
Space & Mission Systems | $ | 290 | $ | 289 | $ | 603 | $ | 527 | |||||||||||
Communications & Spectrum Dominance | 522 | 458 | 987 | 901 | |||||||||||||||
Missile Solutions | 130 | 116 | 254 | 212 | |||||||||||||||
Segment operating income1 | 942 | 863 | 1,844 | 1,640 | |||||||||||||||
Unallocated corporate items and other, net2 (see Table 4) | (288 | ) | (292 | ) | (538 | ) | (544 | ) | |||||||||||
Operating income | $ | 654 | $ | 571 | $ | 1,306 | $ | 1,096 | |||||||||||
Operating margin | 11.1 | % | 10.5 | % | 11.2 | % | 10.4 | % | |||||||||||
Segment operating margin1 | 16.0 | % | 15.9 | % | 15.9 | % | 15.8 | % | low 16% | ||||||||||
Tax rate | |||||||||||||||||||
Effective tax rate | 15.5 | % | 12.6 | % | 14.4 | % | 14.1 | % | |||||||||||
GAAP EPS | |||||||||||||||||||
Diluted EPS | $ | 3.13 | $ | 2.44 | $ | 5.85 | $ | 4.48 | |||||||||||
Diluted weighted-average common shares outstanding | 187.3 | 187.8 | 187.7 | 188.5 | |||||||||||||||
Cash flow | |||||||||||||||||||
Cash from operations | $ | 879 | $ | 640 | $ | 784 | $ | 598 | $3.6B | ||||||||||
Free cash flow3 | $ | 771 | $ | 561 | $ | 584 | $ | 460 | $3.0B | ||||||||||
Repurchases of common stock | $ | 229 | $ | 253 | $ | 525 | $ | 822 | |||||||||||
Dividends paid | $ | 232 | $ | 225 | $ | 470 | $ | 453 | |||||||||||
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