Harris Corporation Reports Strong Fourth Quarter and Fiscal 2018 Results...Well Positioned to Accelerate Growth
Revenue increased 8% for the quarter and 5% for the year, led by growth
in Communication Systems and Electronic Systems. GAAP and non-GAAP EPS
grew double digits for the quarter and the year driven by higher volume,
operational excellence, higher pension income, lower share count and tax
gains, partially offset for the year by a $36 million unfavorable impact
from the ADS-B program transition in the first half of fiscal 2018. GAAP
EPS growth also reflected, for the quarter, debt refinancing and other
charges partially offset by adjustments related to tax reform, and for
the year, other prior period items reconciled in the attached financial
tables. Non-GAAP operating margin expanded 50 basis points to 19.6% for
the quarter and remained strong at 19.2% for the year. Orders increased
18% for the quarter and 23% for the year, resulting in a book-to-bill of
1.1 and 1.2, respectively.
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Communication Systems
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($ millions)
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Fourth Quarter
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Full Year
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FY 2018
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FY 2017
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Change
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FY 2018
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FY 2017
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Change
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Revenue
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$
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523
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$
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449
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16%
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$
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1,903
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$
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1,753
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9%
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Operating income
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$
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162
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$
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146
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11%
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$
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571
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$
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524
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9%
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Operating margin
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31.0
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%
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32.5
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%
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(150)bps
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30.0
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%
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29.9
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%
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10bps
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