Revenue: Third quarter revenue was flat, reflecting the divestiture of the antenna business in the second quarter. Excluding the divestiture impact, organic revenue increased 2%, primarily from growth of classified programs in Intel and Cyber, and increased volume in our FAA mission-critical safety of flight networks business. Organic revenue was partially offset by lower F-35 related volumes as TR-3 development ramps down in our Airborne Combat Systems business. Growth was also impacted by challenges on classified development programs, LHX NeXt cost savings and the absence of a non-recurring license sale that positively impacted 2023.

Operating Margin: Third quarter operating margin decreased 90 bps, primarily due to the absence of an $18 million non-recurring license sale that positively impacted 2023 and challenges on classified development programs, partially offset by growth in Intel and Cyber and FAA mission-critical safety of flight networks businesses, and LHX NeXt cost savings.

IMS

		Third Quarter											Year to Date											2024 Guidance
	($ millions)		2024				2023			Change				2024				2023			Change
	Revenue	$	1,671			$	1,568			7	%		$	5,069			$	5,003			1	%		$6,600 - $6,700 (Prior: $6,500 - $6,700)
	Operating margin		12.2	%			11.9	%		30 bps				11.8	%			10.7	%		110 bps			mid - high 11% (Prior: mid 11%)

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