Harris Corporation Reports Strong Fiscal 2018 Third Quarter Results with Revenue and Orders Growth Across All Segments

  • 3Q18 revenue up 5% to $1.6 billion; orders up 27%; book-to-bill 1.2
  • 3Q18 EPS from continuing operations up 27% to $1.67 GAAP; up 21% to $1.67 non-GAAP1
  • YTD18 revenue up 4%; EPS from continuing operations up 11% GAAP and up 17% non-GAAP; book-to-bill 1.2
  • YTD18 operating cash flow $230 million; excluding $300 million voluntary pension contribution, adjusted operating cash flow and free cash flow up $41 million to $530 million and $451 million, respectively
  • Narrowed fiscal 2018 revenue and EPS guidance to high end of prior range — revenue up ~4%; EPS from continuing operations $5.93 - $5.98 GAAP, $6.45 - $6.50 non-GAAP
  • Increased fiscal 2018 adjusted free cash flow guidance to $900 - $925 million

MELBOURNE, Fla. — (BUSINESS WIRE) — May 2, 2018 — Harris Corporation (NYSE: HRS) reported fiscal 2018 third quarter revenue of $1.57 billion, up 5% compared with the prior year. Earnings per diluted share (EPS1) from continuing operations increased to $1.67, compared with $1.31 (GAAP) and $1.38 (non-GAAP1) in the prior year.

"We delivered strong revenue, orders and EPS growth in the third quarter, continuing our solid year-to-date performance across the three segments. These results give us confidence to tighten revenue and EPS guidance to the high end of our prior range and increase free cash flow guidance for the year," said William M. Brown, chairman, president and chief executive officer. "Looking beyond fiscal 2018, our continued investment in innovation, strong customer positions and a well-funded budget will enable us to accelerate top-line growth while maintaining best-in-class margins."

 

Summary Financial Results

 
($ millions, except per share data)       Third Quarter     Year to Date
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Orders $ 1,873 $ 1,479 27 % $ 5,568 $ 4,452 25 %
Revenue $ 1,568 $ 1,489 5 % $ 4,516 $ 4,358 4 %
 
(GAAP comparison)
Earnings per share $ 1.67 $ 1.31 27 % $ 4.19 $ 3.77 11 %
 
(Non-GAAP comparison)
Earnings per share* $ 1.67 $ 1.38 21 % $ 4.71 $ 4.04 17 %

 


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