Harrisreports strong fiscal Q1 2019

Harris Corporation (NYSE:HRS) has reported fiscal 2019 first quarter revenue of USD 1.5 billion, up 9% compared with the prior year, the company said.

Earnings per diluted share (EPS) from continuing operations increased 31% to USD 1.78. Net income increased 34% to USD 213 million and earnings before interest and taxes (EBIT2) increased 12% to USD 300 million.

Revenue increased 16% from double-digit growth in all three businesses: Tactical Communications, Public Safety and Night Vision. In Tactical Communications, DoD was up 31% on strong readiness demand and International was up 2% from growth in the Middle East and Asia Pacific.

Operating income grew 22% and margins expanded 160 bps from volume leverage and operational efficiencies, partially offset by mix. Book-to-bill was strong at 1.4, with Tactical Communications book-to-bill of 1.5 and a funded backlog greater than USD 1 billion.

Harris Corporation is a technology innovator, solving customers´ toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports government and commercial customers in more than 100 countries and has approximately USD 6 billion in annual revenue. The company is organized into three business segments: Communication Systems, Electronic Systems and Space and Intelligence Systems. Learn more at harris.com.