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TheStreet Open House

Harris Corporation Reports Fiscal 2013 Fourth Quarter Results

Harris Corporation (NYSE:HRS) reported revenue in the fourth quarter of fiscal 2013 of $1.36 billion compared with $1.44 billion in the prior year. GAAP income from continuing operations was $71 million, or $0.65 per diluted share, compared with $137 million, or $1.20 per diluted share, in the prior year. Non-GAAP income from continuing operations was $154 million, or $1.41 per diluted share, compared with $162 million, or $1.42 per diluted share, in the prior year. Non-GAAP amounts for fiscal 2013 exclude charges of $127 million related to restructuring and other actions in the fourth quarter and for fiscal 2012 exclude acquisition-related costs. A reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the fourth quarter were $1.43 billion compared with $1.48 billion in the prior year.

“Fourth quarter results were solid in a tough government spending environment,” said William M. Brown, president and chief executive officer. “Performance benefited from our commitment to operational excellence and ongoing cost-reduction efforts, including restructuring actions announced in April that were executed faster than expected and generated fourth quarter cost savings. As we enter fiscal 2014, we now expect that restructuring and other actions will generate net annualized cost savings of approximately $60 million.”

“We were particularly encouraged by the strong new orders momentum in the international tactical radio market. With a tactical book-to-bill of 1.49 and greater than one in both international and U.S. markets, tactical backlog increased substantially in the fourth quarter.”

For full fiscal year 2013, revenue was $5.11 billion compared with $5.45 billion in the prior year. GAAP income from continuing operations was $466 million, or $4.16 per diluted share, compared with $559 million, or $4.80 per diluted share, in the prior year. Non-GAAP income from continuing operations was $549 million, or $4.90 per diluted share, compared with $605 million, or $5.20 per diluted share, in the prior year. Free cash flow was strong at $655 million compared with $619 million in the prior year.

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