MELBOURNE, Fla., October 14, 2018 — Harris Corporation (NYSE:HRS) reported fiscal 2019 first quarter revenue of $1.5 billion, up 9% compared with the prior year. Earnings per diluted share (EPS) from continuing operations increased 31% to $1.78. Net income increased 34% to $213 million and earnings before interest and taxes (EBIT2) increased 12% to $300 million.
"We are off to a strong start in fiscal 2019 with solid first quarter results and the highest revenue and EPS growth we have achieved in eight years," said William M. Brown, chairman, president and chief executive officer. "First quarter revenue and backlog were up in all segments and EBIT margin expanded 40 bps. We also increased our dividend by 20% and returned $282 million to shareholders through dividends and share repurchases. These results, combined with the recent approval of a well-funded budget, give us confidence to increase fiscal 2019 EPS guidance."
“Over the past few years, we have executed well against our strategic priorities, reshaping our portfolio to focus on technology differentiated businesses and returning to growth. The transformative merger of equals announced today will enable us to increase our scale, strengthen our core businesses and extend our position as a premier global defense technology company."
1Reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
2Excludes discontinued operations; reconciliations of GAAP to non-GAAP financial measures are provided in the attached tables.
The following information was filed by Harris Corp (HRS) on Monday, October 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: HRS CIK: 202058 Form Type:10-Q Quarterly Report Accession Number: 0000202058-18-000106 Submitted to the SEC: Fri Oct 26 2018 1:07:13 PM EST Accepted by the SEC: Fri Oct 26 2018 Period: Friday, September 28, 2018 Industry: Search Detection Navagation Guidance Aeronautical Sys