L3Harris Technologies, Inc. (LHX) Q1 2023 Earnings Call Transcript

L3Harris Technologies, Inc. (NYSE:LHX) Q1 2023 Earnings Conference Call April 28, 2023 8:30 AM ET

Company Participants

Mark Kratz - Vice President, Investor Relations

Chris Kubasik - Chief Executive Officer

Michelle Turner - Chief Financial Officer

Conference Call Participants

Matthew Akers - Wells Fargo

Sheila Kahyaoglu - Jefferies

Kristine Liwag - Morgan Stanley

Scott Deuschle - Credit Suisse

Peter Arment - Baird

Doug Harned - Bernstein

Richard Safran - Seaport Global Research

Michael Ciarmoli - Truist Securities

Pete Skibitski - Alembic Global

Robert Stallard - Vertical Research Partners

Operator

Greetings and welcome to the L3Harris Technologies First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this call is being recorded.

It's now my pleasure to introduce your host, Mark Kratz, Vice president, Investor Relations. Thank you. You may now begin.

Mark Kratz

Thank you, Rob. Good morning and welcome to today's call. Joining me are Chris Kubasik, our CEO, and Michelle Turner, our CFO. During our discussion, we may reference our Investor Letter that we published on our website yesterday.

We're listening to investor feedback and have made some enhancements. Given the detail on this letter, this call will primarily be focused on answering questions. We may also discuss certain matters that constitute forward-looking statements.

These statements involve risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please reference the Safe Harbor provision found in the Investor letter and our SEC filings.

Lastly, we will frequently discuss non-GAAP financial measures which are reconciled to comparable GAAP measures in the Investor Letter.

Before moving to questions, I'd like to turn it over to Chris for some opening remarks.

Chris Kubasik

Okay. Good morning and thanks, Mark, and welcome aboard. We've been focusing on execution under our Performance First imperative and I'm pleased with our results. The first quarter was strong in many respects as we continue to build momentum with our trusted disruptor strategy, resulting in record orders and record backlog, improving macro trends serve as a positive backdrop, including the President's 2024 budget request released to Congress in March.

We are well aligned with the priorities in the National Defense Strategy, which is reflected in robust funding and major areas for us, including space and joint force capabilities as well as missiles and munitions given our pending acquisition of Aerojet Rocketdyne. Our goal for Q1 was to grow the top line, meet the EPS number and have positive cash flow.