Harris Corporation Reports Strong Fiscal 2018 Third Quarter Results with Revenue and Orders Growth Across All Segments

*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

Third quarter revenue increased 5%, with growth across all three segments led by Electronic Systems and Communication Systems. GAAP and non-GAAP EPS grew double digits from higher volume, strong operational performance, higher pension income, a lower share count and the benefit of tax reform. GAAP EPS also included a change in deferred taxes offset by charges related to transitioning and exiting a commercial business and other items. Orders increased 27%, resulting in a book-to-bill of 1.2.

Year-to-date revenue increased 4%, with growth across all segments. GAAP and non-GAAP EPS grew double digits from higher volume, strong operational performance, higher pension income, a lower share count and tax gains, partially offset by the ADS-B program transition in the first half of the year. GAAP EPS also includes adjustments incurred in the first three quarters of fiscal 2018. Orders increased 25%, resulting in a book-to-bill of 1.2.

 

Communication Systems

 
($ millions)       Third Quarter     Year to Date
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Revenue $ 481 $ 461 4 % $ 1,380 $ 1,304 6 %
Operating income $ 147 $ 140 5 % $ 409 $ 379 8 %
Operating margin 30.6 % 30.4 % 20bps 29.6 % 29.1 % 50bps
 

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