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Harris Corporation Reports Fiscal 2013 First Quarter Results

Harris Corporation (NYSE:HRS) reported revenue in the first quarter of fiscal 2013 of $1.26 billion compared with $1.34 billion in the prior year. GAAP income from continuing operations was $129 million, or $1.14 per diluted share, compared with $131 million, or $1.09 per diluted share. Non-GAAP income from continuing operations in the prior year was $138 million, or $1.14 per diluted share. Non-GAAP amounts for fiscal 2012 exclude acquisition-related costs, and a reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the first quarter were $1.38 billion compared with $1.48 billion in the prior year.

“Harris first quarter results were solid in a challenging government spending environment,” said William M. Brown, president and chief executive officer. “We were awarded a number of large contracts in both RF Communications and in Government Communications Systems, and revenue in Government Communications Systems increased 5 percent over the prior year. First quarter operating performance was positive with operating margin flat compared to the prior year, despite lower revenue and higher R&D investment. Harris generates strong free cash flow, and in the first quarter we increased the dividend by 12 percent, the second increase this calendar year.”

RF Communications

Revenue in the first quarter for the RF Communications segment was $445 million compared with $497 million in the prior year. Tactical Communications revenue was $307 million, a decline of 18 percent, and Public Safety and Professional Communications revenue was $138 million, an increase of 12 percent. Operating income for the RF Communications segment was $134 million compared with $154 million in the prior year. Operating margin was 30.2 percent, declining from 31.0 percent in the prior year as a result of a shift in product mix related to the strong revenue growth in Public Safety and Professional Communications.

Orders for the segment totaled $363 million, including $254 million in Tactical Communications and $109 million in Public Safety and Professional Communications. Book-to-bill was .82 for the segment. At the end of the first quarter, backlog was $612 million in Tactical Communications and $623 million in Public Safety and Professional Communications.

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