- Harris (NYSE:HRS) has gained 2.2% after posting fiscal Q2 results that beat on top and bottom lines and featured a boost to 2018 guidance after taking tax reform into account.
- The company posted its strongest revenue growth in more than seven years; tactical radio sales were up 26%, and Communications Systems overall rose 18%.
- Orders were up 13% vs. revenue gains of 6%.
- EPS from continuing operations rose 21% on a non-GAAP basis.
- Revenue by segment: Communication Systems, $489M (up 18.4%); Electronic Systems, $584M (up 2.4%); Space and Intelligence Systems, $465M (down 0.6%).
- For the full year, it's tightening revenue forecasts to $6.08B-$6.14B -- a 3-4% gain Y/Y, vs. previous forecast for a 2-4% gain -- and increasing expectations for EPS from continuing operations to $6.30-$6.50 from a previous $5.85-$6.05.
- It's expecting free cash flow of about $900M (up from previous guidance for $850M-$900M) and share repurchases of $200M (up from $150M).
- Press release
- Now read: Harris Corporation 2018 Q2 - Results - Earnings Call Slides
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