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October 25, 2010

Harris sees revenue growth of 17% in Q1

New orders for RF Communications segment in Q1 were $472m

By CBR Staff Writer

Harris Corp has posted a revenue of $1.41bn, an increase of 17%, compared to $1.2bn in the same period a year-ago.

For the quarter ended 1 October 2010, the company registered an operating income of $252m, an increase of 57% from $161m for the same quarter last year.

The company’s net income for the first quarter increased to $164m or EPS of $1.27, compared to net income of $105m or EPS of $0.79 for the same quarter previous year.

The company said that the new orders for the RF Communications segment booked in the first quarter were $472m which includes $394m in Tactical Radio Communications and $78m in Public Safety and Professional Communications.

Harris chairman, president and CEO Howard Lance said the company’s first quarter results were very strong, driven by exceptional performance and favorable product mix in Tactical Radio Communications.

"Global market demand for tactical communications remains strong, and as the market leader, we are providing our customers with unmatched innovative functionality that is changing the way missions are conducted," Lance said.

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"In the Government Communications Systems business, large programme wins and additional scope on other long-term programs has resulted in a healthy backlog, even in a constrained spending environment."

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