Harris Q1 2012 Reports Increase in Orders

28 Nov

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Harris Corporation (NYSE:HRS) reported revenue in the first quarter of fiscal 2012 of $1.46 billion compared with $1.41 billion in the prior-year quarter. GAAP net income in the first quarter of fiscal 2012 was $122 million, or $1.01 per diluted share, compared with $164 million, or $1.27 per diluted share, in the prior-year quarter. Non-GAAP net income was $129 million, or $1.06 per diluted share, compared with $165 million, or $1.28 per diluted share, in the prior-year quarter. Revenue and earnings in the prior-year quarter benefited from $235 million in expedited shipments of tactical radios to equip MRAP vehicles. Non-GAAP net income excludes acquisition-related costs in both quarters. A reconciliation of GAAP to non-GAAP financial measures is provided in Tables 5 through 8, along with the accompanying notes.Orders in the first quarter were $1.62 billion, a 23 percent increase compared with $1.32 billion in the prior-year quarter and a sequential 20 percent increase compared with $1.35 billion in the fourth quarter of fiscal 2011.

“Harris began fiscal 2012 with significantly higher orders, showing both strong year-over-year and sequential growth,” said Howard L. Lance, chairman, president and chief executive officer. “Orders in the first quarter also exceeded revenue, resulting in a greater than one book-to-bill for the company. RF Communications won several key U.S. and international pursuits, driving a book-to-bill of greater than one in Tactical Communications and further solidifying Harris as the world leader in tactical wideband networking.

“Integrated Network Solutions was awarded significant new contracts during the quarter, including several multi-year awards in Healthcare Solutions for U.S. government agencies. In Government Communications Systems, we continued to benefit from the pick-up in classified program wins that began in the previous quarter.”

During the first quarter of fiscal 2012, Harris repurchased $400 million in shares under the company’s new $1 billion share repurchase authorization approved by the Board of Directors earlier in the quarter. Approximately 10.6 million shares were repurchased, representing an 8.6 percent reduction in the shares outstanding.

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