Harris reports first-quarter growth
By
Nick Wakeman
Company says orders increased during its first quarter, but net income dropped.
Harris Corp. saw its revenue grow by $50 million in the first quarter of its fiscal 2012, hitting $1.46 million, compared to $1.41 million a year earlier.
The company reported higher orders to start 2012 with its RF Communications unit winning several key contracts for tactical wideband networking. Harris also said that its Integrated Network Solutions won new contracts including several multi-year health care contracts with the U.S. government.
Net income dropped in the first quarter with the company reporting $122 million, compared to $164 million last year. Last year's numbers were helped by $235 million in expedited shipments of tactical radios for military vehicles, the company said.
During the first quarter of 2012, Harris repurchased $400 million in shares under a new $1 billion share repurchase authorization. The purchases reduced Harris’ outstanding shares by 8.6 percent.
Harris’ Integrated Network Solutions unit saw its revenue reach $554 million, an increase of 26 percent compared to the quarter a year earlier. The increase was primarily from the acquisitions of Schlumberger’s Global Connective Services business in April 2011 and the acquisition of CapRock Communications in July 2010.
Adjusting for the acquisitions, revenue grew 5 percent, the company said.
Harris, of Melbourne, Fla., is ranked No. 13 on Washington Technology’s 2011 Top 100 list of the largest government contractors.