Harris Corporation Reports Strong Fiscal 2019 Second Quarter Results With Revenue Growth and Margin Expansion Across All Segments

  • 2Q19 revenue up 9% to $1.7 billion; orders up 27%; book-to-bill of 1.06
  • 2Q19 GAAP EPS from continuing operations up 74% to $1.88; non-GAAP1 up 19% to $1.96
  • 1H19 revenue up 9% to $3.2 billion; GAAP EPS from continuing operations up 50% to $3.66; non-GAAP1 up 24% to $3.74
  • 1H19 operating cash flow up 26% to $469 million; adjusted free cash flow1 up 24% to $409 million
  • Increased revenue, non-GAAP EPS1 and adjusted free cash flow1 guidance for fiscal 2019

MELBOURNE, Fla. — (BUSINESS WIRE) — January 29, 2019 — Harris Corporation (NYSE: HRS) reported fiscal 2019 second quarter revenue of $1.7 billion, up 9% compared with the prior year. GAAP earnings per diluted share (EPS) from continuing operations increased 74% to $1.88, and non-GAAP EPS1 increased 19% to $1.96. Net income increased 72% to $225 million, and adjusted earnings before interest and taxes (EBIT2) increased 18% to $327 million with margin expansion of 150 basis points (bps).

"We delivered the third straight quarter of high single-digit revenue growth and generated record EPS with strong margin expansion across all three segments," said William M. Brown, chairman, president and chief executive officer. "First half revenue growth of 9%, book-to-bill of 1.17 and margin expansion of 90 bps give us confidence to increase our revenue and EPS guidance for the second time this fiscal year."

"Integration planning for the merger with L3 is progressing well, with the integration team fully staffed and developing detailed plans to deliver $500 million of cost synergies and ensure seamless operations post close. We continue to expect the transaction to close in mid-2019."

 

Summary Financial Results

 
 
  ($ millions, except per share data)       Second Quarter     First Half
FY 2019     FY 2018     Change FY 2019     FY 2018     Change
Orders $ 1,766 $ 1,390 27% $ 3,763 $ 3,695 2%
Revenue $ 1,666 $ 1,535 9% $ 3,208 $ 2,945 9%
 
(GAAP comparison)
Net income $ 225 $ 131 72% $ 438 $ 290 51%
Net income margin 13.5 % 8.5 % 500bps 13.7 % 9.8 % 390bps
Earnings per share $ 1.88 $ 1.08 74% $ 3.66 $ 2.44 50%
 
(Non-GAAP comparison) 3
Adjusted EBIT $ 327 $ 278 18% $ 627 $ 547 15%
Adjusted EBIT margin 19.6 % 18.1 % 150bps 19.5 % 18.6 % 90bps
Earnings per share $ 1.96 $ 1.65 19% $ 3.74 $ 3.02 24%
 
 

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