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Satnews Daily
October 29th, 2012

Harris... Financially Speaking... (Business)


[SatNews] Harris Corporation (NYSE:HRS) reported revenue in the first quarter of fiscal 2013 of...

...$1.26 billion compared with $1.34 billion in the prior year. GAAP income from continuing operations was $129 million, or $1.14 per diluted share, compared with $131 million, or $1.09 per diluted share. Non-GAAP income from continuing operations in the prior year was $138 million, or $1.14 per diluted share. Non-GAAP amounts for fiscal 2012 exclude acquisition-related costs, and a reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the first quarter were $1.38 billion compared with $1.48 billion in the prior year.

“Harris first quarter results were solid in a challenging government spending environment,” said William M. Brown, president and chief executive officer. “We were awarded a number of large contracts in both RF Communications and in Government Communications Systems, and revenue in Government Communications Systems increased 5 percent over the prior year. First quarter operating performance was positive with operating margin flat compared to the prior year, despite lower revenue and higher R&D investment. Harris generates strong free cash flow, and in the first quarter we increased the dividend by 12 percent, the second increase this calendar year.”

To read the entire financial report, access this direct link.