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

The 18% increase in second quarter segment revenue was primarily due to a 56% increase in DoD Tactical revenue driven by readiness demand across all the Services and a 9% increase in International Tactical revenue from strong growth in the Middle East. Operating income grew 19% on increased volume and operational efficiencies.

DoD Tactical momentum continued in the second quarter, with both ground tactical and airborne awards:

  • $765 million ceiling, 5-year, single-award IDIQ contract with the U.S. Navy to provide tactical radios and ancillary devices
  • $71 million contract modification from the U.S. Army for single-channel ground and airborne radio systems (SINCGARS)
  • $60 million order from the U.S. Air Force for Falcon III® tactical radios
  • $42 million order from the U.S. Army for the Security Force Assistance Brigade for Falcon III® tactical radios and waveforms

International Tactical received several key orders for modernization programs and ongoing counter-terrorism support:

  • $45 million from Iraq for security forces modernization
  • $18 million from Afghanistan to provide sustainment services to its security forces
  • $10 million from the Royal Danish Army for tactical vehicular radio systems
 

Electronic Systems

 
($ millions)       Second Quarter     First Half
FY 2018     FY 2017     Change FY 2018     FY 2017     Change
Revenue $ 584 $ 570 2 % $ 1,124 $ 1,107 2 %
Operating income $ 101 $ 134 (25 )% $ 210 $ 245 (14 )%
Operating margin 17.3 % 23.5 % (620)bps 18.7 % 22.1 % (340)bps
 

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