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

Second quarter revenue increased 11% as double-digit growth from classified programs, driven by small satellites, exquisite systems and ground-based adjacencies, was partially offset by expected lower revenue from environmental programs. Operating income increased 15% to $92 million from higher volume and strong program execution. Orders increased 51%, and strong customer relationships and investments in innovation led to strategic, long-term program wins:

  • $218 million follow-on award from the U.S. Army to configure, maintain and monitor the Wideband SATCOM Operational Management System
  • $195 million to develop the Optical Telescope Assembly for the WFIRST program, one of NASA's top-priority, large-scale missions
  • $115 million classified space award to provide next-generation technology for a long-standing franchise
  • $80 million from the Space Enterprise Consortium to develop next-generation GPS and space antenna technology for an experimental satellite with significant follow-on opportunities

In addition, Harris had its most active launch quarter to date:

  • Three small satellites, including the first Harris small satellite (HSAT), showcasing the company's ability to provide end-to-end mission solutions for the fast-growing small satellite market
  • GPS SV01, the first of 10 navigational payloads under the U.S. Air Force's GPS III satellite program
  • Two international launches: GOSAT-2 for Japan's Ministry of the Environment and GEO-KOMPSAT-2 for the Korea Aerospace Research Institute

First half segment revenue increased 8% as double-digit growth from classified programs was partially offset by expected lower revenue from environmental programs. Operating income increased 7% on higher volume, partially offset by increased investments in innovation. Book-to-bill remained strong at 1.05.

 

Cash and Capital Deployment

 
 
  ($ millions)       Second Quarter     First Half
FY 2019     FY 2018     Change FY 2019     FY 2018     Change
Operating cash flow $ 352 $ 278 $ 74 $ 469 $ 373 $ 96
Free cash flow 4 $ 316 $ 258 $ 58 $ 402 $ 330 $ 72
Adjusted free cash flow 5 $ 323 $ 258 $ 65 $ 409 $ 330 $ 79
 
 

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