Harris Corporation Reports Fiscal 2017 Third Quarter Results

 
Table 1
HARRIS CORPORATION
FY '17 Third Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
      Quarter Ended     Three Quarters Ended
March 31, 2017     April 1, 2016 (A) March 31, 2017     April 1, 2016 (A)
 
(In millions, except per share amounts)
Revenue from product sales and services $ 1,489 $ 1,550 $ 4,358 $ 4,459
Cost of product sales and services (964 ) (1,009 ) (2,792 ) (2,895 )
Engineering, selling and administrative expenses (250 ) (273 ) (768 ) (759 )
Non-operating income (loss) (1 ) 2
Interest income 1 1
Interest expense (42 ) (46 ) (130 ) (139 )
Income from continuing operations before income taxes 233 221 671 667
Income taxes (69 ) (62 ) (199 ) (198 )
Income from continuing operations 164 159 472 469
Discontinued operations, net of income taxes (79 ) 9   (50 ) (305 )
Net income $ 85   $ 168   $ 422   $ 164  
 
Net income per common share
Basic
Continuing operations $ 1.33 $ 1.27 $ 3.82 $ 3.78
Discontinued operations (0.63 ) 0.08   (0.41 ) (2.46 )
$ 0.70   $ 1.35   $ 3.41   $ 1.32  
Diluted
Continuing operations $ 1.31 $ 1.26 $ 3.77 $ 3.74
Discontinued operations (0.62 ) 0.08   (0.40 ) (2.43 )
$ 0.69   $ 1.34   $ 3.37   $ 1.31  
 
Cash dividends paid per common share $ 0.53 $ 0.50 $ 1.59 $ 1.50
Basic weighted average common shares outstanding 122.6 124.0 123.3 123.7
Diluted weighted average common shares outstanding 124.5 125.1 125.0 124.8
 
(A) Certain amounts reclassified to conform with current period presentation of Harris CapRock Communications and government IT services businesses as discontinued operations
 
 
Table 2
HARRIS CORPORATION
FY '17 Third Quarter Summary
BUSINESS SEGMENT INFORMATION
(Unaudited)
 
      Quarter Ended     Three Quarters Ended
March 31,
2017
    April 1,
2016
March 31,
2017
    April 1,
2016
 
(In millions)
Revenue
Communication Systems $ 461 $ 485 $ 1,304 $ 1,428
Space and Intelligence Systems 475 489 1,396 1,370
Electronic Systems 553 575 1,660 1,662
Corporate eliminations, net   1   (2 ) (1 )
$ 1,489   $ 1,550   $ 4,358   $ 4,459  
Income From Continuing Operations Before Income Taxes
Segment Operating Income:
Communication Systems $ 140 $ 151 $ 379 $ 405
Space and Intelligence Systems 76 75 231 208
Electronic Systems 115 111 360 311
Unallocated corporate expense (55 ) (68 ) (169 ) (116 )
Corporate eliminations (1 ) (1 ) (3 ) (3 )
Non-operating income (loss) (1 ) 2
Net interest expense (42 ) (46 ) (129 ) (138 )
$ 233   $ 221   $ 671   $ 667  
 
(A) Certain amounts reclassified to conform with current period presentation of Harris CapRock Communications and government IT services businesses as discontinued operations
 
 
Table 3
HARRIS CORPORATION
FY '17 Third Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 
      Three Quarters Ended
March 31, 2017     April 1, 2016 (A)
 
(In millions)
Operating Activities
Net income $ 422 $ 164
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 140 163
Amortization of intangible assets from Exelis Inc. acquisition 99 99
Share-based compensation 33 29
Gain on sale of CapRock commercial business (23 )
Qualified pension plan contributions (143 ) (134 )
Pension income (73 ) (17 )
Net liability reduction for certain post-employment benefit plans (101 )
Impairment of goodwill and other assets 240 367
Adjustment to loss on sales of businesses, net 20
(Increase) decrease in:
Accounts receivable 14 102
Inventories (26 ) (22 )
Increase (decrease) in:
Accounts payable and accrued expenses (113 ) (175 )
Advance payments and unearned income (62 ) (87 )
Other (19 ) 99  
Net cash provided by operating activities 489   507  
Investing Activities
Cash paid for fixed income securities (19 )
Net additions of property, plant and equipment (79 ) (84 )
Proceeds from sale of property, plant and equipment 2
Net proceeds from sale of CapRock commercial business 375
Adjustment to proceeds from sale of business (25 ) (11 )
Net cash provided by (used in) investing activities 271   (112 )
Financing Activities
Proceeds from borrowings 235 118
Repayments of borrowings (548 ) (510 )
Proceeds from exercises of employee stock options 50 36
Repurchases of common stock (460 )
Cash dividends (199 ) (189 )
Other financing activities (20 ) (15 )
Net cash used in financing activities (942 ) (560 )
Effect of exchange rate changes on cash and cash equivalents (3 ) (14 )
Net decrease in cash and cash equivalents (185 ) (179 )
Cash and cash equivalents, beginning of year 487   481  
Cash and cash equivalents, end of quarter $ 302   $ 302  
 
(A) Certain amounts reclassified to conform with current period presentation
 
 
Table 4
HARRIS CORPORATION
FY '17 Third Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
 
      March 31, 2017     July 1, 2016 (A)
 
(In millions)
Assets
Cash and cash equivalents $ 302 $ 487
Receivables 714 674
Inventories 894 867
Property, plant and equipment 895 924
Goodwill 5,367 5,352
Other intangible assets 1,136 1,231
Other assets 1,799 2,474
$ 11,107 $ 12,009
Liabilities and Equity
Short-term debt $ 233 $ 15
Accounts payable 428 494
Compensation and benefits 179 165
Advance payments and unearned income 231 294
Current portion of long-term debt 121 382
Defined benefit plans 2,069 2,296
Long-term debt, net 3,859 4,120
Other liabilities 1,073 1,186
Equity 2,914 3,057
$ 11,107 $ 12,009
 
(A) Certain balances reclassified to conform with current period presentation of Harris CapRock Communications and government IT services businesses as discontinued operations, which are included in the "Other assets" and "Other liabilities" line items above
 

HARRIS CORPORATION

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