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Harris Reports on Financial Picture

Harris Corporation (NYSE: HRS) released the following statement:

The firm “reported revenue for the second quarter of fiscal 2011 of $1.44 billion, an 18 percent increase compared with $1.22 billion in the prior-year quarter.  Organic revenue growth was 9 percent after adjusting for the impact from acquisitions.  GAAP net income for the second quarter of fiscal 2011 was $151 million, or $1.18 per diluted share, compared with $140 million, or $1.06 per diluted share, in the prior-year quarter.  Earnings benefited $0.05 per diluted share in the quarter from the extension of the federal research and development tax credit, including its catch-up effect.  Non-GAAP net income in the second quarter of fiscal 2011 was $155 million, or $1.20 per diluted share, a 12 percent increase compared with the prior-year quarter of $142 million, or $1.07 per diluted share.  Non-GAAP net income excludes acquisition-related costs in both quarters.  Orders in the second quarter were $1.41 billion, compared with $1.42 billion in the prior-year quarter.  The prior year benefited significantly from tactical radio orders for MRAPs and M-ATVs (Mine Resistant Ambush Protected All-Terrain Vehicles) for the U.S. Department of Defense.  A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8, along with the accompanying notes.

“Our second-quarter results were excellent, driven by strength in RF Communications, solid results at Government Communications Systems and significant improvement at Broadcast Communications, ” said Howard L. Lance, chairman, president and chief executive officer.  “Organic year-over-year revenue growth was strong at 9 percent with all of our businesses contributing. In the second quarter, we announced a definitive agreement to acquire Schlumberger’s Global Connectivity Services business, adding scale to our global managed satellite communications services capabilities, increasing our international footprint and further diversifying the company into faster-growing markets.  The acquisition is expected to close in our fiscal 2011 third quarter.  This crossover strategy allows the company to provide the same trusted assured communications solutions to both government and commercial customers alike.”

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