Harris Achieves Strong Q3 2018 with Growth Across all Segments

Harris Corporation’s Global Innovation Center in Melbourne, Florida, also home to the company’s headquarters. Photo Credit: Harris

Harris Corporation reported fiscal 2018 third-quarter revenue of $1.57 billion, up 5 percent compared with the prior year. Earnings Per Diluted Share (EPS) from continuing operations increased to $1.67, compared with Generally Accepted Accounting Principles (GAAP) $1.31 and non-GAAP $1.38 in the prior year.

According to the financial results, Harris achieved revenue and orders growth across all segments. Within the space and intelligence systems segment, revenue increased 1 percent as growth from classified programs, driven by the ramp-up of small satellites, ground-based processing adjacency and space surveillance programs, was partially offset by expected lower revenue from environmental programs. Operating income increased 8 percent to $82 million and margins expanded 100 basis points on strong program execution and incremental pension income.

In classified programs, order momentum remained strong. These orders included follow-on contracts supporting space asset protection and situational awareness capabilities, additional funding for a small satellite award announced in the first quarter of fiscal 2018 and a contract award from the U.S. National Geospatial-Intelligence Agency for geospatial imaging services.

Investments in technology have enabled Harris to expand into a full mission provider for small satellites and strengthen its position as a partner for payloads in large exquisite satellite systems. The company continued to leverage its investments and was selected for a strategic multi-year contract of approximately $500 million for exquisite space systems.