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Sales, operating income rise at RF Communications

Rochester Business Journal
April 29, 2014

Harris Corp. on Tuesday reported its Rochester-based RF Communications segment posted higher third-quarter sales and operating income, driven by an increase in sales in its Tactical Communications division.

The segment logged sales of $457 million, compared with sales of $418 million a prior ago. Tactical Communications revenue was $335 million, increasing 21 percent, and Public Safety revenue was $122 million, decreasing 14 percent.

Segment operating income was $144 million, compared with $116 million in the fiscal 2013 third quarter. Orders for the segment totaled $405 million, including $285 million in Tactical Communications and $120 million in Public Safety.

William Brown, Harris chairman, president and CEO, said sales in RF Communications’ international tactical radio business helped drive quarterly growth.

“Results reflected our continued commitment to operational excellence in a tough U.S. government spending environment,” Brown said in a statement.

The RF Communications numbers were part of Florida-based Harris’ overall financial results for the quarter ended March 29. Harris reported income from continuing operations of $137 million, or $1.27 a diluted share, on sales of $1.27 billion. That compares with income from continuing operations of $125 million, or $1.12 a diluted share, on sales of $1.20 billion a year ago.

Analysts polled by Thomson Reuters expected Harris to report earnings per share of $1.19.
 
Orders were $1.11 billion compared with $1.13 billion in the prior year, Harris reported.

Harris increased its fiscal 2014 guidance for income from continuing operations to $4.90 to $5 a diluted share from a prior range of $4.80 to $4.90. Fiscal 2014 revenue is expected to decline 2 to 3 percent.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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