Harris Corporation Reports Strong Fiscal 2018 Third Quarter
Harris Corporation (NYSE:HRS) reported fiscal 2018 third quarter revenue of $1.57 billion, up 5% compared with the prior year. Earnings per diluted share (EPS1) from continuing operations increased to $1.67, compared with $1.31 (GAAP) and $1.38 (non-GAAP1) in the prior year. Communication Systems order momentum continued in the third quarter, marking the seventh straight quarter of year-over-year orders growth for the segment. Furthermore, Public Safety orders grew 28% on increased demand from state and local agencies for legacy system upgrades, including the Washington State Department of Transportation and the cities of San Antonio and Miami Beach.
"We delivered strong revenue, orders and EPS growth in the third quarter, continuing our solid year-to-date performance across the three segments. These results give us confidence to tighten revenue and EPS guidance to the high end of our prior range and increase free cash flow guidance for the year," said William M. Brown, chairman, president and chief executive officer. "Looking beyond fiscal 2018, our continued investment in innovation, strong customer positions and a well-funded budget will enable us to accelerate top-line growth while maintaining best-in-class margins."