Revenue increased 12% for the quarter and 10% for fiscal 2019, with continued strong growth across all three segments. GAAP and non-GAAP EPS³ growth exceeded 28% for the quarter and for fiscal 2019 from higher volume, strong operational performance and a lower tax rate, partially offset by mix and higher investments. In addition, GAAP EPS growth for the quarter was partially offset by merger deal and integration costs, and for the year reflected prior period items reconciled in the attached financial tables. Fiscal 2019 adjusted EBIT³ margin expanded 90 bps to 19.8% and book-to-bill was 1.10.

Communication Systems

	($ millions)	Fourth Quarter										Full Year
		FY 2019				FY 2018				Change		FY 2019				FY 2018				Change
	Revenue	$	600			$	527			14%		$	2,177			$	1,904			14%
	Operating income	$	180			$	162			11%		$	654			$	566			16%
	Operating margin	30.0		%		30.7		%		(70)bps		30.0		%		29.7		%		30bps

Revenue increased double digits for the fifth consecutive quarter, up 14%, from double-digit growth in all three businesses. Tactical Communications revenue grew 15% primarily driven by DoD Tactical, up 39%, from a ramp in U.S. DoD modernization programs. Operating income increased 11% to $180 million from higher volume.

Communication Systems order momentum continued in the fourth quarter, with double-digit orders growth and a book-to-bill greater than 1.0 in each of the businesses.

• Tactical orders grew 23% driven by broad-based U.S. and international modernization initiatives and continued expansion into airborne adjacencies. Key awards included:
  • 850 HMS Manpack radios, the second low rate production order under the U.S. Army's $12.7 billion HMS Manpack IDIQ
  • $54 million order to provide handheld and manpack radios in support of a force modernization program in western Europe
  • $51 million order to provide multi-channel manpacks, next-generation HF and Falcon III handheld radios to a central European nation supporting increased interoperability between U.S. and NATO forces
  • $19 million initial order from Australia to provide next-generation HF radios as part of a multi-year modernization program
  • $24 million prototype phase award for airborne HF radios supporting U.S. Air Force fleet modernization and expanding the company's position on airborne platforms
• Public Safety orders grew 30% on increased demand from state and federal agencies, including a $51 million order to upgrade public safety infrastructure for the Utah Communications Authority and a $26 million order from the U.S. Army National Guard as it continues to adopt the company's converged radios.

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »