Harris Releases Quarterly, Full-Year Financial Results; Lance Comments

Harris Corp. (NYSE: HRS) released its fourth quarter fiscal year 2011 financial results on August 2.

The company generated revenue of $1.67 billion, a 15 percent increase over the fourth quarter of 2010.

Harris reported GAAP net income of $134 million, or $1.06 per diluted share,  compared with $151 million, or $1.16 per diluted share, in the prior year quarter. Those are 12.7 percent and 9.4 percent decreases.

Harris’ EBITDA was $320 million compared with $300 million in the prior-year quarter.

Revenue in fiscal 2011 was $5.92 billion, a 14 percent increase over $5.21 billion from fiscal 2010.

GAAP net income was $588 million, or $4.60 per diluted share, compared with $562 million, or $4.28 per diluted share, in the prior year.

Adjusted EBITDA was $1.23 billion, an 11 percent increase compared with $1.10 billion in the prior year, exlcuding acquisition costs.

“While large shipments of tactical radios for equipping MRAP vehicles in the prior year continued to create tough year-over-year comparisons, the company still achieved 4 percent organic revenue growth driven by 11 percent growth in government communications systems and seven percent organic growth in the new integrated network solutions segment, ” said Howard L. Lance, chairman, president and CEO.

“The company achieved these results even while continuing to invest in new market initiatives.”

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