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Harris Achieves Strong Q3 2018 with Growth Across all Segments

By | May 4, 2018
Harris Corporation's Global Innovation Center in Melbourne, Florida, also home to the company's headquarters

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.