Harris Corporation Reports Solid Fiscal 2017 Fourth Quarter and Full Fiscal Year Results as It Looks to Return to Growth in Fiscal 2018
01/08/2017
FY17 EPS from continuing operations $5.12 GAAP, up 5%; $5.53 non-GAAP, up 8%
4Q17 revenue up 1%; FY17 revenue better than expected
FY17 operating cash flow $569 million; excluding $400 million voluntary pension contribution, adjusted operating cash flow $969 million and free cash flow $850 million
Initiated FY18 guidance: EPS from continuing operations of $5.85-$6.05; revenue up 2-4%; free cash flow of $850-900 million
Harris Corporation (NYSE:HRS) reported revenue in the fourth quarter of fiscal 2017 of $1.54 billion compared with $1.53 billion in the prior year. GAAP income from continuing operations was $166 million, or $1.35 per diluted share, compared with $142 million, or $1.13 per diluted share, in the prior year. Non-GAAP income from continuing operations was $183 million, or $1.49 per diluted share, compared with $163 million, or $1.30 per diluted share, in the prior year. Fourth quarter orders were $1.57 billion with a book-to-bill of 1.02.
For the fiscal 2017 full-year period, revenue was $5.90 billion compared with $5.93 billion in the prior year on an organic basis, excluding $60 million of prior-year revenue from the divested Aerostructures business. GAAP income from continuing operations was $638 million, or $5.12 per diluted share, compared with $611 million, or $4.87 per diluted share, in the prior year. Non-GAAP income from continuing operations for the fiscal 2017 full-year period was $689 million, or $5.53 per diluted share, compared with $645 million, or $5.14 per diluted share, in the prior year. Fiscal 2017 orders were $6.03 billion with a book-to-bill of 1.02. Excluding a $400 million voluntary pension contribution in the fourth quarter, fiscal 2017 adjusted net cash provided by operating activities was $969 million and adjusted free cash flow was $850 million. Non-GAAP income from continuing operations excludes acquisition-related and other items, and non-GAAP segment operating income discussed below excludes restructuring and other charges. A reconciliation of GAAP to non-GAAP financial measures is provided in the tables.
Our solid fiscal 2017 results reflect the successful execution of our strategic priorities, said William M. Brown, chairman, president and chief executive officer. We completed two important divestitures to focus on technology-differentiated, high-margin businesses while continuing to invest in innovation, drive operational excellence and successfully integrate Exelis. We grew EPS by 8 percent, generated record free cash flow representing 123 percent of non-GAAP income, and used divestiture proceeds and operational cash to pay down debt, pre-fund pension, and return about $900 million to our shareholders through repurchases and dividends.
Our fiscal 2017 performance, including higher revenue and strong orders in the fourth quarter, positions us well for returning to growth in fiscal 2018 and accelerating in the medium term, Brown continued. We enter the year at an inflection point, with positive momentum and a continued focus on generating organic growth, driving flawless execution, maintaining margins through operational excellence, and deploying capital in a balanced manner.
Communication Systems
Communication Systems revenue in the fourth quarter was $449 million, up 3 percent compared with the prior year. Tactical Communications revenue was $334 million, up 8 percent, driven by higher legacy international tactical radio sales. Public Safety revenue was $115 million, down 8 percent. Segment operating income was $146 million compared with $117 million GAAP and $120 million non-GAAP in the prior year, reflecting higher tactical radio volume.
Harris continued to see DoD modernization progress in the quarter with the award of a 6-year, $255 million, single-award IDIQ contract from the U.S. Special Operations Command to provide next-generation, 2-channel multiband manpack radio systems. Harris is now a vendor on all five major U.S. tactical radio contracts awarded over the last four years. Harris also received a $23 million order from the DoD for tactical radios on U.S. Air Force MRAP vehicles.
Notable international tactical radio orders in the quarter include $39 million from Saudi Arabia for SINCGARS radios, $38 million from Canada for Falcon III multiband manpack radios and $15 million from the Iraq Ministry of Interior for multiple tactical radio products. Harris also received a $19 million order from Australia, and following the close of the quarter, a letter of intent for 2072 Phase 3 modernization.
Public Safety awards in the quarter include a 5-year, $75 million contract from a utility company to upgrade a legacy analog system to a P25 digital network. Following the close of the quarter, Harris was also awarded a 5-year, $461 million, multi-award IDIQ contract with an initial $10 million order from the U.S. Army to upgrade and modernize existing land mobile radio system infrastructure.
Electronic Systems
Electronic Systems revenue in the fourth quarter was $591 million, up 4 percent compared with the prior year. Higher revenue from electronic warfare solutions, avionics and the UAE integrated battle management system was partially offset by lower revenue from wireless products and the ADS-B program as it transitions from buildout to sustainment. Segment operating income was $104 million compared with $119 million GAAP and $122 million non-GAAP in the prior year, reflecting the ADS-B program transition.
Harris strengthened its strategic position in electronic warfare and avionics on large platforms in the quarter. The company was selected by BAE Systems to produce phased array antennas for the C-130J Radio Frequency Countermeasures electronic warfare system. Harris also was selected by Lockheed Martin to provide the Aircraft Memory System
LINK: | https://www.harris.com/press-releases/2017/08/harris-corporation-repor... |
See more stories from harris |
Most recent headlines
04/08/2024
Dalet Appoints Santiago Solanas as CEO to Lead Next Era of Growth and Innovation
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet and Veritone Reach Agreement to Distribute, Transact and Monetize Media Archives
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with URSA Broadcast G2
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
18/04/2024
Escape Studios obtains UKVI licence to support international students
The newly acquired UKVI licence enables Escape Studios to recruit and retain international students By Matthew Corrigan Published: April 18, 2024 The newl...
18/04/2024
NAB 2024 popular among first time visitors
Attendees from more than 163 countries were present, including 34 delegation buying groups from around the world By Matthew Corrigan Published: April 18, 202...
18/04/2024
Dyn Media and NEP Germany pioneer new frontier in remote...
In August 2023, Dyn Media launched as a new broadcaster in European sports, aimed at giving sports beyond football the exposure and viewership they deserve. The...
18/04/2024
Hitomi partners with ES Broadcast Hire for US rentals
Hitomi Broadcast, market leader in audio/video alignment and latency tools based in the UK, has signed a partnership deal with global broadcast rental specialis...
18/04/2024
Screen Australia and Dynamic Television announce new Scripted Initiative
18 04 2024 - Media release Screen Australia and Dynamic Television announce new Scripted Initiative Savage River Screen Australia and Los Angeles-based telev...
18/04/2024
Vislink's DragonFly V - The Company's Smallest-Ever Transmitter Debuted at NAB 2024
Vislink's DragonFly V - The Company's Smallest-Ever Transmitter Debuted ...
18/04/2024
MediaSilo to Offer Camera to Cloud with Atomos
MediaSilo to Offer Camera to Cloud with Atomos Brie Clayton April 17, 2024 0 Comments Integration between MediaSilo and Atomos Cloud Studio unlocking ...
18/04/2024
MultiDyne Updates its SilverBULLET Series to Serve More Fiber-Optic Links
MultiDyne Updates its SilverBULLET Series to Serve More Fiber-Optic Links Brie Clayton April 17, 2024 0 Comments MultiDyne Fiber Optic Solutions intro...
18/04/2024
Cinedeck Partners with Paramount to Revolutionize Content Delivery Process
Cinedeck Partners with Paramount to Revolutionize Content Delivery Process Brie Clayton April 17, 2024 0 Comments Cinedeck, a pioneer in integrated de...
18/04/2024
Unreal for video adding rocks and foliage
Unreal for video adding rocks and foliage Graham Quince April 17, 2024 0 Comments Welcome to my series on learning Unreal Engine for After Effects u...
18/04/2024
Best Budget Beginner-Friendly 4k Drone
Best Budget Beginner-Friendly 4k Drone Sean Alami April 17, 2024 0 Comments Potensic Atom 4k 3 axis Gimbal Drone, ideal drone for beginners. Some con...
18/04/2024
Race or Just Have Fun at Rocky Mount Mills for a Good Cause, Not Your Run of the Mill 5K
Rocky Mount Mills will be overflowing with runners, families and friends, all fo...
18/04/2024
Berklee's Yoon-Ji Lee Receives Guggenheim Fellowship
Berklee's Yoon-Ji Lee Receives Guggenheim Fellowship Lee, an assistant professor of composition, creates music based on unconventional and nonlinear struc...
18/04/2024
Ben Sherwood, Former ABC President, Named CEO at The Daily Beast
Ben Sherwood, former president of Disney ABC Television Group, has been named CEO and publisher at The Daily Beast. Joanna Coles, former chief content officer a...
18/04/2024
Skeem Saam: Wednesday's episode, 17 April 2024 [video]
Skeem Saam: Wednesday's episode, 17 April 2024 [video]Missed an episode of Skeem Saam? No problem! Watch the latest episode of your favourite South African ...
18/04/2024
Watch: Trailers for the best Afrikaans movies ever made
Watch: Trailers for the best Afrikaans movies ever madeDon't know what to watch? Here are some of the best Afrikaans movie trailers ever made, including Too...
18/04/2024
Thales secures three major contracts to modernize the Portuguese railway infrastructure
Facebook Twitter LinkedIn Thales alongside partners SISINT and CONECTICABO...
18/04/2024
RT Prime Time experiment reveals disturbing content recommended to 13 year old TikTok users in Ireland
In response to growing concerns raised regarding the adverse impact of TikTok co...
18/04/2024
Remembering Alf McCarthy and Larry Masterson
We were saddened to learn this morning of the passing of our friend and former colleague, Alf McCarthy who died yesterday. We remember Alf as a popular present...
18/04/2024
NVIDIA Honors Partners of the Year in Europe, Middle East, Africa
NVIDIA today recognized 18 partners in Europe, the Middle East and Africa for their achievements and commitment to driving AI adoption. The recipients were hon...
17/04/2024
Sundance Institute Launches RFI and RFP Process to Explore Host Locations for the Sundance Film Festival in 2027 and Beyond
Opening today, the exploration is aimed at selecting a location that will preser...
17/04/2024
Spotify's Michael Krause Talks Industry Trends Ahead of Our Music and Podcasting Summits in Germany
On April 18 and 19, experts from across the audio industry-including artists, pu...
17/04/2024
Spotify Brings Entrepreneurs and Trailblazers Together to Talk the Future of Tech in the UK
With its particular combination of talent, ambition, culture, and, of course, wo...
17/04/2024
NextGen Partners With Howard University Professor Nikole Hannah-Jones on Student Podcasting Course
At Spotify, we want to equip student creators with the tools and resources neede...
17/04/2024
Strengthening Australian Industry Capability Through Sovereign Sustainment Support
L3Harris Communications Australia Field Service support continues to grow with a...
17/04/2024
L3Harris Team Aligns 10 Mirrors for NASA's Roman Telescope
An optical technician lays on a diving board suspended between NASAs Nancy Grace Roman Space Telescopes primary and secondary mirrors. The photo is a projected ...
17/04/2024
Graham Media Selects Bitmovin Playback
DENVER Video streaming infrastructure providers Bitmovin has announced that the Graham Media Group has selected Bitmovin Playback to enhance its viewer experien...
17/04/2024
Survey: LGBTQIA+ TV Visibility Drives Viewership Among Young Americans
LGBTQIA+ representation in TV content boosts viewership among young (18-34) Americans, according to a new report from Horowitz Research....
17/04/2024
New NVIDIA RTX A400 and A1000 GPUs Enhance AI-Powered Design and Productivity Workflows
New NVIDIA RTX A400 and A1000 GPUs Enhance AI-Powered Design and Productivity Wo...
17/04/2024
Frezzi Unveils SunLight 2: The Ultimate High-Output Lighting Companion for ENG and Broadcast Production
Frezzi Unveils SunLight 2: The Ultimate High-Output Lighting Companion for ENG a...
17/04/2024
Peakto Search for Lightroom - Find at a glance among thousands of photos AND videos
Peakto Search for Lightroom - Find at a glance among thousands of photos AND vid...
17/04/2024
Simone Pilon Appointed Executive Director at Berklee Valencia
Simone Pilon Appointed Executive Director at Berklee Valencia Pilon, who has served as Berklee Valencia's interim executive director since March 2023, has a...
17/04/2024
CBS Cuts Off Billy Joel Concert Telecast (Updated)
CBS will re-air Sundays Billy Joel concert telecast this Friday (April 19) after several CBS-affiliated stations abruptly cut part of Sundays telecast of the si...
17/04/2024
Jacqueline Matter Named Co-Host on WTTG's Good Day DC'
Jacqueline Matter has been named co-host of Good Day DC at WTTG Washington. Effective immediately, she co-anchors the 4 a.m. newscast with Stephen Graddick, rep...
17/04/2024
TV Usage Takes March Dip While College Hoops Help Cable
Television usage took its usual March dip, dropping 3% from February, according to Nielsen,...
17/04/2024
BET, Tyler Perry Extend Content Agreement Through 2028
BET Media Group, part of Paramount Global, said it and Tyler Perry had reached an agreement extending their content production deal through 2028....
17/04/2024
Warner Bros. Discovery Names David Porter Head of Ad Research
Warner Bros. Discovery said it named David Porter head of ad sales research, data and insights....
17/04/2024
Lionsgate Signs Exec VP Lee Hollin To Long-Term Deal
Lionsgate said it signed a new multi-year employment deal with Lee Hollin, its executive VP, television and head of current programming for Lionsgate Television...
17/04/2024
Jessica Rosenworcel Speaks at the Paley Museum April 16
Federal Communications Commission chair Jessica Rosenworcel sits for an interview at the Paley Museum in New York April 16 at 12:30 p.m. ET. Moderated by Nick T...
17/04/2024
Travis Kelce To Host Are You Smarter Than a Celebrity?' on Prime Video
Travis Kelce will host Are You Smarter Than a Celebrity?, a spinoff of Are You Smarter Than a 5th Grader?, that will stream on Prime Video....
17/04/2024
Amy Alvarez Named News Director at Telemundo's KULX Salt Lake City
Amy Alvarez has been named news director at KULX Salt Lake City, the Telemundo station in the market. She comes from KVDA San Antonio, another Telemundo outlet,...
17/04/2024
Frndly Launches Channel Store, Adding 4 Subscription Services to Lineup
Frndly TV, the low-priced, family-friendly streaming service, said it launched a channel store where users can sign up for subscription streaming services....
17/04/2024
TV Tech Announces Winners of Best of Show Awards at 2024 NAB Show
TV Tech has announced its Best of Show Awards for the 2024 NAB Show, April 14-17 in Las Vegas. The awards are judged by a panel of industry experts on the crite...
17/04/2024
Colorfront showcases upgrades across product range
Colorfront has introduced AI vision-analysis tools to assist master QC operations with detecting framing anomalies, dead pixels, bright titles and sparkles By ...
17/04/2024
Meet the Founder and director
By TVBEurope Staff Published: April 17, 2024 Updated: April 18, 2024 Rory Springthorpe, founder and director at outside broadcasting company Vivid Broadc...
17/04/2024
Riedel Enhances Interstellar Technologies Space Launch Wi...
Riedel Communications today announced its collaboration with Interstellar Technologies, a pioneering space transportation company based in Hokkaido, Japan, to o...