Harris Corporation Reports Solid Fiscal 2018 Second Quarter Results with Strong Revenue Growth

  • 2Q18 revenue up 6% to $1.5 billion; orders up 13%
  • 2Q18 EPS from continuing operations down 12% to $1.15 GAAP; up 21% to $1.67 non-GAAP
  • 2Q18 results impacted by $52 million one-time, non-cash write-down of deferred tax assets and $26 million lower tax rate benefit from enactment of Tax Cuts and Job Act of 2017
  • 1H18 revenue up 3% to $2.9 billion; EPS from continuing operations up 3% to $2.52 GAAP and up 15% to $3.05 non-GAAP
  • 1H18 operating cash flow up 26% to $373 million; free cash flow up 34% to $330 million
  • Solid operating performance plus tax reform resulting in increased EPS guidance for fiscal 2018

MELBOURNE, Fla. — (BUSINESS WIRE) — January 30, 2018 — Harris Corporation (NYSE: HRS) reported fiscal 2018 second quarter revenue of $1.54 billion, up 6% compared with the prior year. Earnings per diluted share from continuing operations was $1.15 (GAAP) and $1.67 (non-GAAP1), compared with $1.30 (GAAP) and $1.38 (non-GAAP1) in the prior year. Operating cash flow was $278 million and free cash flow was $258 million compared with operating cash flow of $252 million and free cash flow of $224 million in the prior year.

"We generated solid results in the second quarter driven by the strongest revenue growth we have achieved in more than seven years, including a 26% increase in tactical radio sales," said William M. Brown, chairman, president and chief executive officer. “In the first half, revenue and orders were up in all segments, and company book-to-bill was a robust 1.3. As a result of our strong performance and improved revenue outlook despite a lengthened continuing resolution, as well as benefits from tax reform, we have increased EPS guidance for the fiscal year."

 

Summary Financial Results

 
($ millions, except per share data)       Second Quarter     First Half
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Orders $ 1,390 $ 1,234 13 % $ 3,695 $ 2,973 24 %
Revenue $ 1,535 $ 1,449 6 % $ 2,948 $ 2,869 3 %
 
(GAAP comparison)
Operating income $ 272 $ 277 (2 )% $ 544 $ 523 4 %
Operating margin 17.7 % 19.1 % (140)bps 18.5 % 18.2 % 30bps
Earnings per share $ 1.15 $ 1.30 (12 )% $ 2.52 $ 2.45 3 %
 
(Non-GAAP comparison)
Operating income* $ 284 $ 290 (2 )% $ 556 $ 553 1 %
Operating margin* 18.5 % 20.0 % (150)bps 18.9 % 19.3 % (40)bps
Earnings per share* $ 1.67 $ 1.38 21 % $ 3.05 $ 2.66 15 %
 
*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
 

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12  Next Page »
Featured Video
Jobs
Design Verification Engineer for Blockwork IT at Milpitas, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, 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