Harris Corporation Reports Fiscal 2017 Third Quarter Results

FY '17 Third Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

To supplement our condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we provide additional measures of income from continuing operations and income from continuing operations per diluted common share and net cash provided by operating activities, adjusted to exclude certain costs, charges, expenses and losses or other amounts. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris’ business trends and to understand Harris’ performance. In addition, Harris may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows:

 
Table 5
HARRIS CORPORATION
FY '17 Third Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Income from Continuing Operations and Income from Continuing Operations per Diluted Common Share
(Unaudited)
 
      Quarter Ended
March 31, 2017
As Reported     Adjustment (A)     Non-GAAP
 
(In millions, except per share amounts)
Income from continuing operations $ 164 $ 8 $ 172
Income from continuing operations per diluted common share $ 1.31 $ 0.07 $ 1.38
 
Quarter Ended
April 1, 2016
As Reported Adjustment (A) Non-GAAP
 
(In millions, except per share amounts)
Income from continuing operations $ 159 $ 11 $ 170
Income from continuing operations per diluted common share $ 1.26 $ 0.09 $ 1.35
 
(A) Adjustment for Exelis Inc. acquisition-related and other charges, net of income taxes
 
 
Table 6
HARRIS CORPORATION
FY '17 Third Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Free Cash Flow
(Unaudited)
 
      Quarter Ended     2017

March 31, 2017

(Guidance)
 
(In millions)
Net cash provided by operating activities $ 194 $ 930
Less net capital expenditures (A) (30 ) (130 )
Free cash flow $ 164   $ 800  
 
(A) Reflects additions of property, plant and equipment, net of proceeds from the sale of property, plant and equipment
 
 
Table 7
HARRIS CORPORATION
FY '17 Third Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Reconciliation of Guidance for FY '17 Income from Continuing Operations per Diluted Common Share to
FY '17 Non-GAAP Income from Continuing Operations per Diluted Common Share
(Unaudited)
 
      2017
(Guidance)
GAAP income from continuing operations per diluted common share $5.20 to $5.25
Estimated net impact of Exelis Inc. acquisition-related and other charges $.30
Non-GAAP income from continuing operations per diluted common share $5.50 to $5.55
 

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »
Featured Video
Jobs
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
Upcoming Events
SEMICON Japan 2024 at Tokyo Big Sight Tokyo Japan - Dec 11 - 13, 2024
PDF Solutions AI Executive Conference at St. Regis Hotel San Francisco - Dec 12, 2024
DVCon U.S. 2025 at United States - Feb 24 - 27, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise