Harris Offers Fiscal Third-Quarter Financial Details
Wednesday, May 01, 2019 | Comments

Harris reported fiscal 2019 third-quarter revenue of $1.7 billion, up 11% compared with the prior year with a book-to-bill of 1.03. Net income increased 24% to $243 million, and adjusted earnings before interest and taxes (EBIT) increased 15% to $341 million with margin expansion of 80 basis points (bps) to 19.7%.

"Alongside strong operating results, integration planning continues to progress well with the teams developing detailed plans to deliver cost and revenue synergies," said William M. Brown, chairman, president and CEO. “The shareholder approvals for the L3 Harris transaction and Harris signing a definitive agreement to divest the Night Vision business, reaffirm our confidence in closing the merger in mid-calendar 2019. This transformational merger, combined with a strong addressable budget, will drive continued growth and create long-term value for our shareholders."

Revenue increased 11% for the quarter and 10% year-to-date, with continued strong growth across all three segments.

Revenue in the communications segment increased double digits for the fourth consecutive quarter, up 19%, from growth in tactical communications and public safety. Tactical communications revenue increased 19%, driven by 55% growth in Department of Defense (DoD) tactical, from a ramp in U.S. DoD modernization programs. Public safety grew double digits on increased demand from state and federal agencies. Operating income increased 19% to $172 million.

U.S. DoD tactical radio modernization momentum continued in the third quarter, with an initial production order for next-generation multichannel handheld radios and an order from the Marine Corps for multichannel manpack radios. These orders follow the Army awards received in prior quarters and expand multiyear modernization efforts across the services.

International adoption of multichannel radios continued to expand with an order from the Canadian Army as part of its modernization program. In addition, Harris received an order from New Zealand to integrate, modernize and upgrade its command-and-control network, advancing the company's strategy of expanding into integrated network systems.

Harris updated its guidance for fiscal 2019 to include revenue of about $6.72 billion, up 9% from fiscal 2018 and operating cash flow of about $1.16 billion.

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