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Harris Corporation Reports Fiscal 2013 Second Quarter Results

Stocks in this article: HRS

Correcting second paragraph of Earnings Guidance section.

The corrected release reads:

HARRIS CORPORATION REPORTS FISCAL 2013 SECOND QUARTER RESULTS

Harris Corporation (NYSE:HRS) reported revenue in the second quarter of fiscal 2013 of $1.29 billion compared with $1.31 billion in the prior year. GAAP income from continuing operations was $142 million, or $1.25 per diluted share, compared with $136 million, or $1.18 per diluted share. Non-GAAP income from continuing operations in the prior year was $142 million, or $1.24 per diluted share. Fiscal 2012 non-GAAP amounts exclude acquisition-related costs, and a reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the second quarter were $1.36 billion compared with $1.04 billion in the prior year.

“Harris second quarter results were solid in a very difficult and uncertain government spending environment,” said William M. Brown, president and chief executive officer. “Orders were up 30 percent compared to the prior year with all three business segments experiencing double-digit growth. In this current environment, we will continue to focus on providing our customers with innovative and cost-effective solutions, lowering costs throughout our company, increasing free cash flow and effectively deploying capital.”

RF Communications

Revenue in the second quarter for the RF Communications segment was $486 million compared with $526 million in the prior year. Tactical Communications revenue was $337 million, a decline of 14 percent, and Public Safety revenue was $149 million, an increase of 10 percent. Operating income for the RF Communications segment was $151 million compared with $172 million in the prior year. Operating margin was 31.1 percent compared with 32.8 percent in the prior year, and reflects a shift in product mix related to the strong revenue growth in Public Safety.

Orders for the segment totaled $402 million, including $287 million in Tactical Communications and $115 million in Public Safety. Book-to-bill was .83 for the segment. At the end of the second quarter, backlog was $561 million in Tactical Communications and $581 million in Public Safety.

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