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Harris Corp (HRS) SEC Filing 10-Q Quarterly report for the period ending Friday, September 28, 2018

Harris Corp

CIK: 202058 Ticker: HRS
Exhibit 99.1
pressreleaseheadera06.jpg


Investor Relations Contact:
Anurag Maheshwari, 321-727-9383
anurag.maheshwari@harris.com

Media Relations Contact:
Jim Burke, 321-727-9131
jim.burke@harris.com


Harris Corporation Reports Strong Fiscal 2019 First Quarter Results
With Accelerated Revenue Growth Across All Segments

Revenue up 9% to $1.5 billion with a book-to-bill of 1.3
EPS from continuing operations up 31% to $1.78
Operating cash flow up 23% to $117 million; free cash flow1 up 19% to $86 million
Increased fiscal 2019 EPS from continuing operations guidance to $7.80 - $7.90
___________________________________________________________________________________________
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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Inside Harris Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statement Of Equity
Condensed Consolidated Statement Of Equity (Parenthetical)
Condensed Consolidated Statement Of Income
Accrued Warranties
Accrued Warranties (Tables)
Accrued Warranties - Additional Information (Details)
Accrued Warranties - Changes In Liabilities For Standard Warranties (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Additional Information (Details)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Additional Information (Details)
Business Segment Information - Assets By Segment (Details)
Business Segment Information - Disaggregation Of Revenue (Details)
Business Segment Information - Revenues And Income From Continuing Operations By Segment (Details)
Contract Assets And Contract Liabilities
Contract Assets And Contract Liabilities (Details)
Contract Assets And Contract Liabilities (Tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Details)
Discontinued Operations
Discontinued Operations (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured On A Recurring Basis (Details)
Fair Value Measurements - Significant Financial Instruments Not Measured At Fair Value (Details)
Income From Continuing Operations Per Share
Income From Continuing Operations Per Share (Details)
Income From Continuing Operations Per Share (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Legal Proceedings And Contingencies
Legal Proceedings And Contingencies (Details)
Postretirement Benefit Plans
Postretirement Benefit Plans (Tables)
Postretirement Benefit Plans - Additional Information (Details)
Postretirement Benefit Plans - Components Of Net Periodic Benefit Costs (Details)
Property Plant And Equipment (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Receivables
Receivables (Details)
Receivables (Tables)
Restructuring And Other Exit Costs
Restructuring And Other Exit Costs (Details)
Significant Accounting Policies And Recent Accounting Standards
Significant Accounting Policies And Recent Accounting Standards (Policies)
Significant Accounting Policies And Recent Accounting Standards (Tables)
Significant Accounting Policies And Recent Accounting Standards - Additional Information (Details)
Significant Accounting Policies And Recent Accounting Standards - Effect Of Asc 606 And Asu 2017-07 On Condensed Consolidated Statement Of Income (Unaudited) (Details)
Significant Accounting Policies And Recent Accounting Standards - Effect Of Asc 606 On Condensed Consolidated Balance Sheet (Unaudited) (Details)
Significant Accounting Policies And Recent Accounting Standards - Effect Of Asc 606 On Condensed Consolidated Statement Of Cash Flows (Unaudited) (Details)
Significant Accounting Policies And Recent Accounting Standards - Revenue Performance Obligations (Details)
Stock Options And Other Share-Based Compensation
Stock Options And Other Share-Based Compensation (Details)
Subsequent Events
Subsequent Events (Details)
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

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