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Harris Corporation Reports Fiscal 2014 First Quarter Results

Stocks in this article: HRS

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.

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