Harris Reports Third Fiscal Quarter Financial Results
Wednesday, May 02, 2018 | Comments

Harris reported fiscal 2018 third-quarter results with revenue up 5 percent to $1.6 billion and year to date revenue up 4 percent.

Year to date operating cash flow was $230 million, excluding $300 million voluntary pension contribution, adjusted operating cash flow and free cash flow up $41 million to $530 million and $451 million, respectively. The company increased it fiscal 2018 adjusted free cash flow guidance to $900 million to $925 million.

"We delivered strong revenue, orders and EPS (earnings per share) growth in the third quarter, continuing our solid year-to-date performance across the three segments," said William M. Brown, chairman, president and CEO. “These results give us confidence to tighten revenue and EPS guidance to the high end of our prior range and increase free cash flow guidance for the year. Looking beyond fiscal 2018, our continued investment in innovation, strong customer positions and a well-funded budget will enable us to accelerate top-line growth while maintaining best-in-class margins."

Revenue increased 4 percent in the third quarter from growth in tactical communications and night vision. Communication systems order momentum continued in the third quarter, marking the seventh straight quarter of year-over-year orders growth for the segment.

Public-safety orders increased 28 percent on increased demand from state and local agencies, including the Washington State Department of Transportation and the cities of San Antonio and Miami Beach, for legacy system upgrades.

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