- 4Q18 revenue up 8% to $1.7 billion; orders up 18%; book-to-bill 1.1
- 4Q18 GAAP EPS from continuing operations up 29% to $1.74; non-GAAP1 up 19% to $1.78
- FY18 revenue up 5%; orders up 23%; book-to-bill 1.2
- FY18 GAAP EPS from continuing operations up 16% to $5.94; non-GAAP up 18% to $6.50
- FY18 operating cash flow, adjusted operating cash flow2 and adjusted free cash flow2 of $751 million, $1,051 million and $915 million, respectively
- Initiated FY19 guidance:3 EPS from continuing operations of $7.65 - $7.85; revenue up 6 - 8%; free cash flow ≥ $1 billion
MELBOURNE, Fla. — (BUSINESS WIRE) — July 31, 2018 — Harris Corporation (NYSE: HRS) reported fiscal 2018 fourth quarter revenue of $1.7 billion, up 8% compared with the prior year. Earnings per diluted share (EPS) from continuing operations increased to $1.74 (GAAP) and $1.78 (non-GAAP1), up 29% and 19%, respectively, versus prior year. GAAP operating margin expanded 150 basis points to 19.3% and non-GAAP operating margin expanded 50 basis points to 19.6%.
"We ended the year on a high note with strong fourth quarter results capping a successful 2018," said William M. Brown, chairman, president and chief executive officer. "We achieved our highest revenue growth in the last seven years with all three segments up year over year, high teens EPS growth, record free cash flow and more than half a billion dollars returned to shareholders. With a well-funded budget, solid backlog growth, strong customer relationships and a culture of operational excellence, we are well positioned to accelerate growth, increase margins and generate free cash flow in excess of $1 billion."
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Summary Financial Results |
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| ($ millions, except per share data) | Fourth Quarter | Full Year | ||||||||||||||||||||||||||
| FY 2018 | FY 2017 | Change | FY 2018 | FY 2017 | Change | |||||||||||||||||||||||
| Orders | $ | 1,861 | $ | 1,574 | 18 | % | $ | 7,429 | $ | 6,026 | 23 | % | ||||||||||||||||
| Revenue | $ | 1,666 | $ | 1,542 | 8 | % | $ | 6,182 | $ | 5,900 | 5 | % | ||||||||||||||||
| (GAAP comparison) | ||||||||||||||||||||||||||||
| Operating income | $ | 322 | $ | 275 | 17 | % | $ | 1,122 | $ | 1,073 | 5 | % | ||||||||||||||||
| Operating margin | 19.3 | % | 17.8 | % | 150bps | 18.1 | % | 18.2 | % | (10)bps | ||||||||||||||||||
| Earnings per share | $ | 1.74 | $ | 1.35 | 29 | % | $ | 5.94 | $ | 5.12 | 16 | % | ||||||||||||||||
| (Non-GAAP comparison) | ||||||||||||||||||||||||||||
| Operating income* | $ | 327 | $ | 295 | 11 | % | $ | 1,186 | $ | 1,131 | 5 | % | ||||||||||||||||
| Operating margin* | 19.6 | % | 19.1 | % | 50bps | 19.2 | % | 19.2 | % | —bps | ||||||||||||||||||
| Earnings per share* | $ | 1.78 | $ | 1.49 | 19 | % | $ | 6.50 | $ | 5.53 | 18 | % | ||||||||||||||||
| *Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables. | ||||||||||||||||||||||||||||
