Harris Corporation Reports Solid Fiscal 2018 Second Quarter Results with Strong Revenue Growth

Second quarter revenue increased 6%, with growth in Communication Systems and Electronic Systems partially offset by a slight decline in Space and Intelligence Systems. The decrease in GAAP EPS was primarily due to non-cash charges in the second quarter of fiscal 2018 from a $52 million one-time write-down of deferred tax assets and from an adjustment for deferred compensation, partially offset by the absence of Exelis acquisition-related charges incurred in the second quarter of fiscal 2017. Non-GAAP EPS increased by $.29, which includes $.21 of benefit from tax reform and $.08 from higher volume, operational excellence, higher pension income and a lower share count, partially offset by the absence of a $22 million favorable contract adjustment incurred in the second quarter of fiscal 2017. Non-GAAP operating margin remained strong at 18.5%. Orders increased 13% to $1.4 billion.

First half revenue increased 3%, with growth across all three segments. GAAP EPS was up 3% due to the absence of Exelis acquisition-related charges incurred in the first half of fiscal 2017, partially offset by the non-cash charges incurred in the second quarter of fiscal 2018. Non-GAAP EPS was up 15% on increased volume, benefit from tax reform, higher pension income, strong program execution and year-over-year integration synergy savings, partially offset by a $36 million unfavorable impact from the ADS-B program. Non-GAAP operating margin was strong at 18.9%. Orders grew 24%, resulting in a book-to-bill of 1.3.

 

Communication Systems

 
($ millions)       Second Quarter     First Half
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Revenue $ 489 $ 413 18 % $ 899 $ 843 7 %
Operating income $ 144 $ 121 19 % $ 262 $ 239 10 %
Operating margin 29.5 % 29.3 % 20bps 29.1 % 28.4 % 70bps
 

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