Third quarter revenue increased 5%, with growth across all three segments led by Electronic Systems and Communication Systems. GAAP and non-GAAP EPS grew double digits from higher volume, strong operational performance, higher pension income, a lower share count and the benefit of tax reform. GAAP EPS also included a change in deferred taxes offset by charges related to transitioning and exiting a commercial business and other items. Orders increased 27%, resulting in a book-to-bill of 1.2.
Year-to-date revenue increased 4%, with growth across all segments. GAAP and non-GAAP EPS grew double digits from higher volume, strong operational performance, higher pension income, a lower share count and tax gains, partially offset by the ADS-B program transition in the first half of the year. GAAP EPS also includes adjustments incurred in the first three quarters of fiscal 2018. Orders increased 25%, resulting in a book-to-bill of 1.2.
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Communication Systems |
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| ($ millions) | Third Quarter | Year to Date | |||||||||||||||||||||||||||
| FY 2018 | FY 2017 | Change | FY 2018 | FY 2017 | Change | ||||||||||||||||||||||||
| Revenue | $ | 481 | $ | 461 | 4 | % | $ | 1,380 | $ | 1,304 | 6 | % | |||||||||||||||||
| Operating income | $ | 147 | $ | 140 | 5 | % | $ | 409 | $ | 379 | 8 | % | |||||||||||||||||
| Operating margin | 30.6 | % | 30.4 | % | 20bps | 29.6 | % | 29.1 | % | 50bps | |||||||||||||||||||
