[SatNews] Harris Corporation (NYSE:HRS) reported revenue in the third quarter of fiscal 2013 of…
…$1.20 billion compared with $1.37 billion in the prior year. GAAP income from continuing operations was $125 million, or $1.12 per diluted share, compared with $155 million, or $1.38 per diluted share. Non-GAAP income from continuing operations in the prior year was $163 million, or $1.42 per diluted share. Fiscal 2012 non-GAAP amounts exclude acquisition-related costs, and a reconciliation of GAAP to non-GAAP financial measures is provided in the tables. Orders in the third quarter were $1.13 billion compared with $1.48 billion in the prior year. The company generated strong free cash flow of $185 million in the third quarter compared with $152 million in the prior year.
“Third quarter results were in line with our preliminary release issued April 11 and weaker than previously expected primarily due to U.S. and international tactical radio procurement delays,” said William M. Brown, president and chief executive officer. “U.S. Government funding constraints resulting from the continuing resolution were magnified when sequestration was triggered. Additionally, in the international market several key tactical radio orders have been pushed to later in the year or early next fiscal year.”
“We recently announced company-wide restructuring actions that are expected to generate net annualized cost savings of approximately $40 to $50 million. These cost savings, combined with benefits from our ongoing focus on operational excellence and reduced discretionary spending, will allow us to be successful in a challenging government market environment while continuing to invest in R&D and fund strategic growth initiatives.”
To read the entire financial report, download the presentation at this direct link.
