Harris 1Q 2017 revenue dips 3% YoY

Harris Corporation (NYSE:HRS) reported revenue in the first quarter of fiscal 2017 of USD1.75 billion compared with USD1.81 billion in the prior year, down 3% on a reported basis and 2% on an organic basis, excluding prior-year revenue attributable to the divested Aerostructures business, the company said.

GAAP net income was USD160 million, or USD1.27 per diluted share, compared with USD148 million, or USD1.18 per diluted share, in the prior year. Non-GAAP net income, excluding acquisition-related charges, was USD175 million, or USD1.39 per diluted share, compared with USD163 million, or USD1.31 per diluted share, in the prior year.

Communication Systems segment revenue in the first quarter was USD431 million, down 5 percent compared to the prior year. Tactical Communications revenue was USD340 million, down 6 percent primarily due to lower international SINCGARS radio sales. Public Safety revenue was USD91 million, down 1%. Segment operating income was USD119 million compared with USD138 million in the prior year, declining primarily as a result of lower volume and mix.

Harris provides solutions that connect, inform and protect. It supports customers in more than 100 countries and has approximately USD7.5 billion in annual revenue and 21,000 employees worldwide. The company is organized into four business segments: Communication Systems, Space and Intelligence Systems, Electronic Systems and Critical Networks.