Home News Harris Corporation reports 6% growth in revenue in Q2 of 2018

Harris Corporation reports 6% growth in revenue in Q2 of 2018

US: Harris Corporation reported fiscal 2018 second-quarter revenue of $1.54 billion, up 6% compared with the prior year. Earnings per diluted share from continuing operations was $1.15 (GAAP) and $1.67 (non-GAAP), compared with $1.30 (GAAP) and $1.38 (non-GAAP1) in the prior year. Operating cash flow was $278 million and free cash flow was $258 million compared with operating cash flow of $252 million and free cash flow of $224 million in the prior year. Its second-quarter revenue in 2018 is up by 6% to $1.5 billion and orders up 13%.  The results have been impacted by $52 million one-time, non-cash write-down of deferred tax assets and $26 million lower tax rate benefit from enactment of Tax Cuts and Job Act of 2017.

“We generated solid results in the second quarter driven by the strongest revenue growth we have achieved in more than seven years, including a 26% increase in tactical radio sales,” said William M. Brown, chairman, president, and chief executive officer. “In the first half, revenue and orders were up in all segments, and company book-to-bill was a robust 1.3. As a result of our strong performance and improved revenue outlook despite a lengthened continuing resolution, as well as benefits from tax reform, we have increased EPS guidance for the fiscal year.”