This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Harris Corporation Reports Fiscal 2014 First Quarter Results

Harris Corporation (NYSE:HRS) reported revenue in the first quarter of fiscal 2014 of $1.19 billion and income from continuing operations of $128 million, or $1.18 per diluted share. Income from continuing operations in the prior year was $129 million, or $1.14 per diluted share. Orders in the first quarter were $1.20 billion. The company generated free cash flow (net cash provided by operating activities less capital expenditures) of $139 million in the first quarter compared with $77 million in the prior year. Free cash flow was 109 percent of income from continuing operations.

“First quarter operating performance provided a positive start to our fiscal year,” said William M. Brown, president and chief executive officer. “Previous restructuring actions together with our continuing progress on operational excellence allowed us to post solid results in the quarter, despite the tough government spending environment.”

During the quarter, Harris increased its dividend 13.5 percent, used $100 million in cash to repurchase common stock, and approved a new $1 billion share repurchase authorization.

RF Communications

Revenue in the first quarter for the RF Communications segment was $423 million compared with $445 million in the prior year. Tactical Communications revenue was $305 million, decreasing 1 percent, and Public Safety revenue was $118 million, decreasing 14 percent. Segment operating income was $135 million compared with $134 million in the prior year. Operating margin was 32.0 percent compared with 30.2 percent in the prior year.

Segment orders totaled $348 million, including $225 million in Tactical Communications. Public Safety orders were $123 million, increasing 12 percent compared with the prior year. Book-to-bill was .82 for the segment, and backlog was $664 million in Tactical Communications and $607 million in Public Safety.

During the quarter, Harris was awarded a 2-year, $141 million sole-source, Indefinite Delivery Indefinite Quantity (IDIQ) contract from the U.S. Army for the Mid-Tier Networking Vehicular Radio (MNVR) program and received an initial order of $8 million for up to 232 radio systems. Following the close of the quarter, Harris was awarded an $847 million increase in the ceiling value of its sole-source, IDIQ contract with the U.S. Army Communications-Electronics Command (CECOM), which supports international sales of tactical radio systems under the U.S. Government’s Foreign Military Sales program.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs