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Harris' CEO Discusses Q3 2012 Results - Earnings Call Transcript

Stocks in this article: HRS

Also, as we said on our last call, the slower government spending environment requires increased attention to operational excellence and lowering costs, including a sharper focus on supply chain, factory and field costs, overhead rates and employment levels. The guidance that Gary will give in a moment reflects the cost reduction actions we are taking in the fourth quarter that will benefit us in FY '13. I'll turn it over to Gary to comment on segment results and guidance outlook, and then I'll come back with a few comments before we open the call to questions. Gary?

Gary L. McArthur

Thank you, Bill, and good morning. Moving to segment results on Slide 5. Revenue for RF Communications was $538 million compared to $550 million in the prior year. Tactical Communications revenue was $398 million and declined 8%, driven by a significant decline in DoD. Although down slightly due to transitioning to Phase 2 of the Australia order, international revenue was at a healthy level, and supports the strong double-digit growth expected for fiscal 2012. In Public Safety and Professional Communications, revenue growth was excellent, increasing 18% to $140 million with strong growth in both products and programs. Operating performance for this segment was very good with operating income increasing in spite of lower revenue. A favorable product mix, cost containment and lower manufacturing costs all resulted in a higher operating margin of 33.8%, up from 32.5% in the prior year. Orders for this segment totaled $629 million and book-to-bill was 1.17.

Read the rest of this transcript for free on seekingalpha.com

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