Harris Space and Intelligence Systems Sees Strong Q2 2019 Growth
Harris reported its financial results for Second Quarter (Q2) 2019. In its Space and Intelligence Systems division, revenue increased 11 percent as double-digit growth from classified programs, driven by small satellites, exquisite systems and ground-based adjacencies, was partially offset by expected lower revenue from environmental programs.
Operating income increased 15 percent to $92 million. Orders increased 51 percent, including a $218 million follow-on award from the U.S. Army; a $195 million award to develop the Optical Telescope Assembly for NASA‘s Wide Field Infrared Survey Telescope (WFIRST) program; a $115 million classified space award to provide next-generation technology for a long-standing franchise; and an $80 million award from the Space Enterprise Consortium to develop next-generation Global Positioning System (GPS) and space antenna technology for an experimental satellite with significant follow-on opportunities.
First half segment revenue increased 8 percent as double-digit growth from classified programs was partially offset by expected lower revenue from environmental programs. Operating income increased 7 percent on higher volume, partially offset by increased investments in innovation.