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

Second quarter segment revenue declined slightly as higher revenue from Classified programs was more than offset by lower revenue from environmental programs. Operating income increased 7% to $81 million on productivity and incremental pension income.

Order momentum continued in Classified programs as further progress on investments in innovative ground processing capabilities and small satellite technology resulted in additional funding for an award announced in the first quarter of fiscal 2018 and in a multi-million dollar, multi-year award in ground processing for next generation operational software. The segment also received additional funding from the National Geospatial-Intelligence Agency for an IDIQ contract received in the third quarter of fiscal 2017 to perform search and retrieval services for geospatial products.

Additionally, funding support continued for key environmental programs, including a $25 million award for GOES-R program sustainment and two new awards totaling up to $95 million to monitor weather satellite transmission interference for the U.S. Department of Commerce and to provide satellite ground capabilities for the U.S. Air Force weather satellite recapitalization effort.

 

Cash and Capital Deployment

 
($ millions)     Second Quarter     First Half
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Net cash provided by operating activities $ 278 $ 252 $ 26 $ 373 $ 295 $ 78
Free cash flow* $ 258 $ 224 $ 34 $ 330 $ 246 $ 84
 
*Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
 

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