GAAP net income was $133 million, or $1.16 per diluted share, compared with $151 million, or $1.18 per diluted share, in the prior year. Non-GAAP net income was $140 million, or $1.22 per diluted share, compared with $155 million, or $1.20 per diluted share, in the prior year. Revenue and earnings in the prior-year quarter benefited from $80 million in expedited shipments of tactical radios to equip MRAP vehicles. Non-GAAP net income excludes acquisition-related costs in both quarters. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8, along with accompanying notes. Orders in the second quarter were $1.20 billion.
“Harris posted solid second quarter results with earnings per share in line with the prior year, despite orders and revenue being dampened by the constrained government spending environment,” said William M. Brown, president and chief executive officer. “The sequential increase in operating income for the company, driven by operating margin improvement in all of our segments, was encouraging. Cash flow from operations increased significantly compared to the previous quarter and the prior year, supporting expectations for strong cash flow again this year.” To read the entire Harris financial report, access this direct link.