Harris Corporation Reports Fiscal 2017 Second Quarter Results

To supplement our condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we provide additional measures of income from continuing operations and income from continuing operations per diluted common share and net cash provided by operating activities, adjusted to exclude certain costs, charges, expenses and losses or other amounts. Harris management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. Harris management also believes that these non-GAAP financial measures enhance the ability of investors to analyze Harris’ business trends and to understand Harris’ performance. In addition, Harris may utilize non-GAAP financial measures as guides in its forecasting, budgeting, and long-term planning processes and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follows:

 

Table 5

HARRIS CORPORATION

FY '17 Second Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Income from Continuing Operations and Income from Continuing Operations per Diluted Common Share

(Unaudited)

 
Quarter Ended
December 30, 2016
Amount    

Diluted Per Share
Amount

 
(In millions, except per share amounts)
GAAP income from continuing operations and related diluted earnings per share $ 168 $ 1.33
Non-GAAP adjustments:
Integration and other Exelis Inc. acquisition-related costs ($13 million pre-tax) 10   0.09  
Non-GAAP income from continuing operations and related diluted earnings per share $ 178   $ 1.42  
 
Quarter Ended
January 1, 2016
Amount

Diluted Per Share
Amount

 
(In millions, except per share amounts)
GAAP income from continuing operations and related diluted earnings per share $ 197 $ 1.58
Non-GAAP adjustments:
Net liability reduction for certain post-employment benefit plans (101 )
Integration and other Exelis Inc. acquisition-related costs 46
Charges for restructuring and other items 26  
Total pre-tax adjustments (29 )
Income tax on above adjustments 16  
Total adjustments (13 ) (0.11 )
Non-GAAP income from continuing operations and related diluted earnings per share $ 184   $ 1.47  
 

Table 6

HARRIS CORPORATION

FY '17 Second Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Free Cash Flow

(Unaudited)

 
Quarter Ended
December 30, 2016
 
(In millions)
Net cash provided by operating activities $ 252
Less net capital expenditures (A) (28 )
Free cash flow $ 224  
 

(A) Reflects additions of property, plant and equipment, net of proceeds from the sale of property, plant and equipment

 

Table 7

HARRIS CORPORATION

FY '17 Second Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Segment Operating Income

(Unaudited)

 
Quarter Ended
January 1, 2016
As Reported     Adjustment (A)     Non-GAAP
 
(In millions)
Segment Operating Income
Communication Systems $ 121 $ 17 $ 138
Electronic Systems 63 6 69
Critical Networks 63 3 66
 
(A) Adjustments for restructuring and other charges
   

Table 8

HARRIS CORPORATION

FY '17 Second Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Reconciliation of Guidance for FY '17 Income from Continuing Operations per Diluted Common Share to

FY '17 Non-GAAP Income from Continuing Operations per Diluted Common Share

(Unaudited)

 
2017
(Guidance)
GAAP income from continuing operations per diluted common share $5.21 to $5.41
Estimated net impact of acquisition-related items $.19
Non-GAAP income from continuing operations per diluted common share $5.40 to $5.60

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article

Harris

Featured Video
Jobs
GIS Specialist for Metro Wastewater Reclamation District at Denver, Colorado
Upcoming Events
SUE Association at Capitol Skyline Hotel 10 “I” Eye Street, SW Washington, DC - Jul 26, 2018
2018 ENVI Analytics Symposium at The Brown Palace Hotel & Spa Denver CO - Aug 21 - 23, 2018
2018 South Florida GIS Expo at 650 Okeechobee Blvd West Palm Beach FL - Aug 23 - 24, 2018
SPTechCon 2018 at Sheraton Boston Hotel Boston MA - Aug 26 - 29, 2018
Canon: oce crystalPoint
Teledyne Optech
Teledyne:
Interdrone 2018



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise