Harris Corporation Reports Strong Fiscal 2019 Second Quarter Results With Revenue Growth and Margin Expansion Across All Segments

Second quarter revenue increased 10% from strong growth in all three businesses. Tactical Communications revenue grew 9%, with International up 11% from solid growth in Asia Pacific and Europe, and DoD up 7% on modernization demand. Night Vision and PSPC grew double digits as strong orders continued to convert into revenue. Operating income grew 12%, and margin expanded 50 bps to 30.0% from volume leverage and operational efficiencies, partially offset by mix. Orders were up 33% resulting in a segment book-to-bill of 1.18.

Tactical Communications orders grew 27% driven by DoD modernization, content growth in the adjacent airborne market and international programs to counter evolving threats. Key awards included $75 million from the U.S. Marine Corps for MUOS software upgrades on 117G manpack radios and a $66 million order for Small Tactical Terminals supporting domestic and international airborne platforms.

Public Safety continued to strengthen its position with state and federal agencies and utilities with a $33 million order from Nevada as part of a $108 million program to upgrade the statewide shared radio system; a $23 million order from the Air National Guard as it continues to adopt Harris converged radios; and $25 million from American Electric Power, the third award in its $106 million multi-year modernization program.

First half segment revenue increased 12% from double-digit growth in all three businesses. Operating margin expanded 90 bps to 29.9%. Segment book-to-bill was strong at 1.28. Tactical Communications book-to-bill was 1.32 with funded backlog greater than $1.1 billion.

 

Electronic Systems

 
 
  ($ millions)       Second Quarter     First Half
FY 2019     FY 2018     Change FY 2019     FY 2018     Change
Revenue $ 617 $ 582 6% $ 1,206 $ 1,123 7%
Operating income $ 117 $ 97 21% $ 232 $ 206 13%
Operating margin 19.0 % 16.7 % 230bps 19.2 % 18.3 % 90bps
 
 

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