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

1Non-GAAP earnings per diluted share from continuing operations for fiscal 2018 second quarter excludes non-cash charges from a one-time write-down of deferred tax assets and from an adjustment for deferred compensation and for fiscal 2017 second quarter excludes Exelis acquisition-related charges. Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

2Non-GAAP EPS from continuing operations guidance excludes non-cash charges in the second quarter of fiscal 2018 from a one-time write-down of deferred tax assets and from an adjustment for deferred compensation. Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.

 
Table 1
HARRIS CORPORATION
FY '18 Second Quarter Summary
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
 
      Quarter Ended     Two Quarters Ended

December 29,
2017

   

December 30,
2016(A)

December 29,
2017

   

December 30,
2016(A)

 
(In millions, except per share amounts)
Revenue from product sales and services $ 1,535 $ 1,449 $ 2,948 $ 2,869
Cost of product sales and services (999 ) (920 ) (1,897 ) (1,817 )
Engineering, selling and administrative expenses (264 ) (252 ) (507 ) (529 )
Operating income 272 277 544 523
Non-operating income (loss) (2 ) 1 (2 ) 2
Interest income 1 1 1 1
Interest expense (42 ) (44 ) (83 ) (88 )
Income from continuing operations before income taxes 229 235 460 438
Income taxes (90 ) (72 ) (154 ) (130 )
Income from continuing operations 139 163 306 308
Discontinued operations, net of income taxes   14   (6 ) 29  
Net income $ 139   $ 177   $ 300   $ 337  
 
Net income per common share
Basic
Continuing operations $ 1.17 $ 1.32 $ 2.57 $ 2.49
Discontinued operations   0.10   (0.05 ) 0.22  
$ 1.17   $ 1.42   $ 2.52   $ 2.71  
Diluted
Continuing operations $ 1.15 $ 1.30 $ 2.52 $ 2.45
Discontinued operations   0.10   (0.05 ) 0.23  
$ 1.15   $ 1.40   $ 2.47   $ 2.68  
 
Cash dividends paid per common share $ 0.57 $ 0.53 $ 1.14 $ 1.06
Basic weighted average common shares outstanding 118.5 123.7 118.8 123.8
Diluted weighted average common shares outstanding 120.9 125.4 121.1 125.5
 

(A) Certain amounts reclassified to conform with current period presentation

 
 
Table 2
HARRIS CORPORATION
FY '18 Second Quarter Summary
BUSINESS SEGMENT INFORMATION
(Unaudited)
 
      Quarter Ended     Two Quarters Ended

December 29,
2017

   

December 30,
2016 (A)

December 29,
2017

   

December 30,
2016 (A)

 
(In millions)
Revenue
Communication Systems $ 489 $ 413 $ 899 $ 843
Electronic Systems 584 570 1,124 1,107
Space and Intelligence Systems 465 468 931 921
Corporate eliminations (3 ) (2 ) (6 ) (2 )
$ 1,535   $ 1,449   $ 2,948   $ 2,869  
Income From Continuing Operations Before Income Taxes

Segment Operating Income:

Communication Systems $ 144 $ 121 $ 262 $ 239
Electronic Systems 101 134 210 245
Space and Intelligence Systems 81 76 168 155
Unallocated corporate expense (55 ) (53 ) (96 ) (114 )
Corporate eliminations, net 1 (1 ) (2 )
Non-operating income (loss) (2 ) 1 (2 ) 2
Net interest expense (41 ) (43 ) (82 ) (87 )
$ 229   $ 235   $ 460   $ 438  
 

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