Harris Corporation Reports Solid Fiscal 2018 Second Quarter Results with Strong Revenue Growth

  • 2Q18 revenue up 6% to $1.5 billion; orders up 13%
  • 2Q18 EPS from continuing operations down 12% to $1.15 GAAP; up 21% to $1.67 non-GAAP
  • 2Q18 results impacted by $52 million one-time, non-cash write-down of deferred tax assets and $26 million lower tax rate benefit from enactment of Tax Cuts and Job Act of 2017
  • 1H18 revenue up 3% to $2.9 billion; EPS from continuing operations up 3% to $2.52 GAAP and up 15% to $3.05 non-GAAP
  • 1H18 operating cash flow up 26% to $373 million; free cash flow up 34% to $330 million
  • Solid operating performance plus tax reform resulting in increased EPS guidance for fiscal 2018

MELBOURNE, Fla. — (BUSINESS WIRE) — January 30, 2018 — Harris Corporation (NYSE: HRS) reported fiscal 2018 second quarter revenue of $1.54 billion, up 6% compared with the prior year. Earnings per diluted share from continuing operations was $1.15 (GAAP) and $1.67 (non-GAAP1), compared with $1.30 (GAAP) and $1.38 (non-GAAP1) in the prior year. Operating cash flow was $278 million and free cash flow was $258 million compared with operating cash flow of $252 million and free cash flow of $224 million in the prior year.

"We generated solid results in the second quarter driven by the strongest revenue growth we have achieved in more than seven years, including a 26% increase in tactical radio sales," said William M. Brown, chairman, president and chief executive officer. “In the first half, revenue and orders were up in all segments, and company book-to-bill was a robust 1.3. As a result of our strong performance and improved revenue outlook despite a lengthened continuing resolution, as well as benefits from tax reform, we have increased EPS guidance for the fiscal year."

 

Summary Financial Results

 
($ millions, except per share data)       Second Quarter     First Half
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Orders $ 1,390 $ 1,234 13 % $ 3,695 $ 2,973 24 %
Revenue $ 1,535 $ 1,449 6 % $ 2,948 $ 2,869 3 %
 
(GAAP comparison)
Operating income $ 272 $ 277 (2 )% $ 544 $ 523 4 %
Operating margin 17.7 % 19.1 % (140)bps 18.5 % 18.2 % 30bps
Earnings per share $ 1.15 $ 1.30 (12 )% $ 2.52 $ 2.45 3 %
 
(Non-GAAP comparison)
Operating income* $ 284 $ 290 (2 )% $ 556 $ 553 1 %
Operating margin* 18.5 % 20.0 % (150)bps 18.9 % 19.3 % (40)bps
Earnings per share* $ 1.67 $ 1.38 21 % $ 3.05 $ 2.66 15 %
 
*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
 

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