Harris Corporation Reports Fiscal 0 Four Quarter Results
30/07/2013
Revenue in the fourth quarter for the RF Communications segment was $501 million compared with $584 million in the prior year. Tactical Communications revenue was $336 million, decreasing 18 percent, and Public Safety revenue was $165 million, decreasing 6 percent. For the quarter, segment operating income was $176 million, and non-GAAP operating income was $185 million. Operating income was $196 million in the prior year. Non-GAAP operating margin for the quarter was 36.9 percent and reflected a favorable product mix, lower costs through ongoing cost-reduction and operational excellence initiatives, and a $7 million benefit from the cumulative effect of a change in the timing of cost recognition on tactical radio programs. Orders for the segment totaled $646 million, including $498 million in Tactical Communications and $148 million in Public Safety. Book-to-bill was 1.29 for the segment. At the end of the fourth quarter, backlog was $743 million in Tactical Communications and $598 million in Public Safety. International tactical radio orders in the quarter included $79 million from a country in the Middle East for an integrated command, control and communications system utilizing wideband tactical radios and 4G tactical cellular capabilities, $61 million from Poland, $55 million from a country in Africa and $39 million from several customers in Brazil. U.S tactical radio orders included $38 million from the U.S. Air Force, $36 million from the U.S. Special Operations Command, and $20 million from the U.S. Marine Corps. Public Safety orders in the quarter included $17 million from Los Angeles County, $13 million from the United Arab Emirates, and a $15 million follow-on order from the San Francisco Municipal Transportation Authority, bringing orders to-date to $47 million under an $85 million contract. Integrated Network Solutions
Revenue in the fourth quarter for the Integrated Network Solutions segment was $402 million, a 6 percent increase compared with $379 million in the prior year, driven by growth across the segment in CapRock Communications, Healthcare Solutions and IT Services. Operating loss for the segment was $18 million compared with operating income of $6 million in the prior year. Non-GAAP operating income was $35 million compared with $34 million in the prior year. Government Communications Systems
Revenue in the fourth quarter for the Government Communications Systems segment was $481 million, a 3 percent decline compared with $497 million in the prior year, primarily due to the transition of the GOES-R weather program to the integration and test phase. For the quarter, segment operating income was $55 million, and non-GAAP operating income was $66 million. Operating income was $66 million in the prior year. Non-GAAP operating margin in the fourth quarter was solid at 13.6 percent, resulting from strong program performance, and contributed to a record non-GAAP operating margin of 14.5 percent for the year. Following the close of the quarter, Harris was awarded a 7-year, $150 million contract from the FAA to provide the Data Communication Network Services (DCNS) component of the NextGen Data Communications and Integrated Services (DCIS) program, bringing total contract value on the program to $481 million. Earnings Guidance
Initial guidance for GAAP income from continuing operations for fiscal 2014 is a range of $4.65 to $4.85 per diluted share. Revenue for fiscal 2014 is expected to be about 1 to 3 percent lower compared with fiscal 2013. Harris will host a conference call today, July 30, at 8:30 a.m. Eastern Time (ET) to
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