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

Revenue increased 4% in the third quarter from growth in Tactical Communications and Night Vision. Tactical Communications revenue grew 3% with DoD Tactical up 48% on strong readiness demand from the U.S. Army and U.S. Air Force, partially offset by a 12% decline in International Tactical, reflecting a tough year-over-year comparison. Night Vision revenue grew double digits on increased demand from the U.S. Army. Operating income grew 5% and margins expanded 20 bps on increased volume and operational efficiencies.

Communication Systems order momentum continued in the third quarter, marking the seventh straight quarter of year-over-year orders growth for the segment.

  • DoD Tactical orders grew 27% from readiness and modernization initiatives on ground and airborne platforms. Key orders included:
    • Upgrade of vehicular radio systems for the U.S. Air Force Mine Resistant Ambush Protected (MRAP) vehicles
    • Single-Channel Ground and Airborne Radio Systems (SINCGARS) for the U.S. Army
    • Highband Networking RadiosTM for the U.S. Army's upper tactical network
  • International Tactical orders grew 15% with several key wins, including an award from an Asian nation to integrate, modernize and upgrade their command and control network and multiple orders across several countries supporting security forces modernization, counter-terrorism and border control.
  • Public Safety orders grew 28% on increased demand from state and local agencies for legacy system upgrades, including the Washington State Department of Transportation and the cities of San Antonio and Miami Beach.
  • Night Vision orders grew 10% on momentum with the U.S. Army, receiving a $30 million award to support increased logistics readiness.
 

Electronic Systems

 
($ millions)       Third Quarter     Year to Date
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Revenue $ 609 $ 553 10 % $ 1,733 $ 1,660 4 %
Operating income $ 112 $ 115 (3 )% $ 322 $ 360 (11 )%
Operating margin 18.4 % 20.8 % (240)bps 18.6 % 21.7 % (310)bps
 

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