View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Data Centre
August 12, 2009

Harris posts Q4 loss despite revenue increase

Witnesses sequential rebound in its fourth quarter orders

By CBR Staff Writer

Harris Corp has posted a net loss of $156.4m in the fourth quarter of 2009, compared to a net income of $121.7m in the same period in 2008, due to a series of charges. The results exceeded analyst’s expectations as orders rebound from the previous quarter.

The company said that the new orders booked in the fourth quarter were $1.29 billion. Excluding acquisitions, new orders in the quarter were $1.25 billion, an increase of 22% compared with the sequential third quarter, and flat compared with the prior-year fourth quarter.

For the quarter ended July 3, 2009, the company posted revenue of $1.29 billion, an increase of 4%, compared to $1.25 billion in the same period a year-ago. Loss from continuing operations was $84m or $.64 per diluted share, compared to income from continuing operations of $135m or $.99 per diluted share in the same period last year.

Revenue in the RF Communications segment was $468m, which includes $47m from the recently acquired M/A-COM business, compared with $441m in the prior-year quarter. Government communications Systems reported 10% increase in its revenue to $704m from $641m, while Broadcast Communications segment posted revenue of $130m, down 25% from $174m in the same period last year.

For the full-year of fiscal 2009, the company posted revenue of $5 billion, up 9%, compared with $4.6 billion in the prior year.

The results included pre-tax charges of $256m to write-down goodwill for assets in the Broadcast Communications segment and $10m for acquisition-related expenses.

Howard Lance, chairman, president and chief executive officer, said: We saw a nice sequential rebound in orders in the fourth quarter in each of the Harris operating segments – RF Communications, Government Communications Systems, and Broadcast Communications.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

“In addition, our Government Communications Systems business was awarded two new long-term contracts in the fourth quarter with a combined potential value of $1.3 billion. The new contract wins, improving order rates, and a solid pipeline of additional opportunities provide us with increased confidence in our outlook for fiscal 2010.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.