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
 
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »
Featured Video
Jobs
Design Verification Engineer for Blockwork IT at Milpitas, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
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
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 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