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Local units of Harris Corp. see mixed results in second quarter

The local units of Florida-based Harris Corp. reported mixed results for its fiscal second quarter.

Revenue in the company’s Communication Systems segment was $413 million, down 16 percent compared with the prior year. 

Tactical Communications revenue was $310 million, down 19 percent because of expected lower international tactical sales, but strong international orders drove the legacy tactical backlog higher, the company said. Public Safety revenue was $103 million, down 5 percent on weak orders. 

Segment operating income was $121 million compared with $121 million in the prior year, and $138 million, excluding restructuring and other charges in the prior year. The decline primarily resulted from lower volume, but operating margin trended higher because of lower costs, the company reported.

Revenue in the Space and Intelligence Systems segment, formerly Exelis Geospatial Systems, was $468 million, up 5 percent compared with the prior year, primarily driven by higher revenue from intelligence community customers. 

Segment operating income was $77 million compared with $68 million in the prior year, reflecting continued strong program performance and higher pension income, Harris reported.

Harris reported net income of $168 million, or $1.33 a share, versus net income of $197 million, or $1.58 a share, a year ago. Excluding special charges, net income was $178 million, or $1.42 a share. 

The company logged sales of $1.70 billion, down 3 percent.

Analysts polled by Zacks Investment Research expected Harris to report earnings per share of $1.37 on sales of $1.76 billion. 

Harris expects fiscal 2017 income from continuing operations of $5.21 to $5.41 a diluted share and adjusted net income from continuing operations of $5.40 to $5.60 a diluted share, excluding Exelis acquisition-related integration charges.

Fiscal 2017 revenue is expected at $5.76 billion to $5.88 billion.

Shares of Harris stock (NYSE: HRS) was up more than 2 percent midday at $104.51.

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected]

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