Harris Corporation Reports Fiscal 2018 First Quarter Results With Robust Orders Across All Segments

     

Table 1

HARRIS CORPORATION

FY '18 First Quarter Summary

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

     
    Quarter Ended
    September 29, 2017   September 30, 2016 (A)
         
    (In millions, except per share amounts)
Revenue from product sales and services   $ 1,413     $ 1,420  
Cost of product sales and services   (898 )   (897 )
Engineering, selling and administrative expenses   (243 )   (277 )
Operating income   272     246  
Non-operating income       1  
Interest expense   (41 )   (44 )
Income from continuing operations before income taxes   231     203  
Income taxes   (64 )   (58 )
Income from continuing operations   167     145  
Discontinued operations, net of income taxes   (6 )   15  
Net income   $ 161     $ 160  
         
Net income per common share        
Basic        
Continuing operations   $ 1.40     $ 1.17  
Discontinued operations   (0.05 )   0.12  
    $ 1.35     $ 1.29  
Diluted        
Continuing operations   $ 1.38     $ 1.16  
Discontinued operations   (0.06 )   0.11  
    $ 1.32     $ 1.27  
         
Cash dividends paid per common share   $ 0.57     $ 0.53  
Basic weighted average common shares outstanding   119.1     123.9  
Diluted weighted average common shares outstanding   121.2     125.5  
             

(A) Certain amounts reclassified to conform with current period presentation

             
     

Table 2

HARRIS CORPORATION

FY '18 First Quarter Summary

BUSINESS SEGMENT INFORMATION

(Unaudited)

     
    Quarter Ended
    September 29, 2017   September 30, 2016 (A)
         
    (In millions)
Revenue        
Communication Systems   $ 410     $ 430  
Electronic Systems   540     537  
Space and Intelligence Systems   466     453  
Corporate eliminations   (3 )    
    $ 1,413     $ 1,420  
Income From Continuing Operations Before Income Taxes        
Segment Operating Income:        
Communication Systems   $ 118     $ 118  
Electronic Systems   109     111  
Space and Intelligence Systems   87     79  
Unallocated corporate expense   (41 )   (61 )
Corporate eliminations   (1 )   (1 )
Non-operating income       1  
Net interest expense   (41 )   (44 )
    $ 231     $ 203  
                 

(A)

  Certain amounts reclassified to conform with current period presentation of Harris CapRock Communications and government IT services businesses as discontinued operations, including reallocation of stranded costs and Financial Accounting Standards pension income previously reported as part of our Critical Networks segment .
     

Table 3

HARRIS CORPORATION

FY '18 First Quarter Summary

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

     
    Quarter Ended
    September 29, 2017   September 30, 2016 (A)
         
    (In millions)
Operating Activities        
Net income   $ 161     $ 160  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization   40     53  
Amortization of intangible assets from Exelis Inc. acquisition   25     33  
Share-based compensation   11     11  
Qualified pension plan contributions       (64 )
Pension income   (34 )   (24 )
(Increase) decrease in:        
Accounts receivable   (83 )   (39 )
Inventories   (56 )   2  
Increase (decrease) in:        
Accounts payable   (88 )   (90 )
Advance payments and unearned income   12     (31 )
Other   107     32  
Net cash provided by operating activities   95     43  
Investing Activities        
Net additions of property, plant and equipment   (23 )   (21 )
Adjustment to proceeds from sale of business       (25 )
Net cash used in investing activities   (23 )   (46 )
Financing Activities        
Proceeds from borrowings       8  
Repayments of borrowings   (35 )   (38 )
Proceeds from exercises of employee stock options   14     15  
Repurchases of common stock   (75 )   (100 )
Cash dividends   (69 )   (68 )
Other financing activities   (9 )   (18 )
Net cash used in financing activities   (174 )   (201 )
Effect of exchange rate changes on cash and cash equivalents   6     1  
Net decrease in cash and cash equivalents   (96 )   (203 )
Cash and cash equivalents, beginning of year   484     487  
Cash and cash equivalents, end of quarter   $ 388     $ 284  
                 
(A) Certain amounts reclassified to conform with current period presentation
         

Table 4

HARRIS CORPORATION

FY '18 First Quarter Summary

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

         
    September 29, 2017   June 30, 2017
         
    (In millions)
Assets        
Cash and cash equivalents   $ 388     $ 484
Receivables   706     623
Inventories   896     841
Property, plant and equipment   890     904
Goodwill   5,376     5,366
Other intangible assets   1,077     1,104
Other assets   766     768
    $ 10,099     $ 10,090
Liabilities and Equity        
Short-term debt   $ 80     $ 80
Accounts payable   452     540
Compensation and benefits   130     140
Advance payments and unearned income   264     252
Current portion of long-term debt   522     554
Defined benefit plans   1,237     1,278
Long-term debt, net   3,395     3,396
Other liabilities   1,032     922
Equity   2,987     2,928
    $ 10,099     $ 10,090
               

HARRIS CORPORATION

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