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$HRS appointed retired U.S. Army Major General Jeff Smith as VP of Business Development, supporting the company's strategic relationships with the U.S. Army, U.S. Special Operations Command and other key industry partners. Most recently, he was SVP, Strategic Initiatives at Sallyport Global Holdings.
$HRS has been selected to outfit US Army Security Force Assistance Brigades with combat-proven communication systems. $HRS will provide a full battlefield solution including its Falcon III AN/PRC-152A Wideband Networking Handheld Radios and AN/PRC-117G Multiband Networking Manpack Radios, as well as its AN/PRC-160 High Frequency Manpack Radios.
$HRS said it has been selected by Ki Ho Military Acquisition Consulting Inc. (KIHOMAC) to provide a system to deliver real-time satellite data from NOAA's newest Geostationary Operational Environmental Satellite (GOES-16) that will support critical launch decisions at Cape Canaveral, Florida.
The National Oceanic and Atmospheric Administration's (NOAA) Joint Polar Satellite System-1 (JPSS-1), which is scheduled to launch on Nov. 10, will feature an advanced $HRS environmental measurement instrument to improve U.S. weather forecasting.
$HRS' Space and Intelligence Systems revenue for 1Q18 increased 3% from higher Classified revenue, driven by space superiority programs, partially offset by lower revenue on environmental programs. Operating income grew 10% driven by higher volume, strong program performance and incremental pension income.
$HRS' Electronic Systems revenue for 1Q18 rose 1% from higher volume in Avionics with growth in several platforms, including the F-35, and the ramp of the UAE battle management system, mostly offset by lower volume from the ADS-B program transition.
$HRS' Communication Systems revenue for 1Q18 declined 5% on lower International Tactical Communications volume. DoD Tactical Communications received several significant orders to meet ongoing base-business demand and support U.S. Army modernization.
$HRS reported a 0.6% rise in 1Q18 earnings driven by last year's Exelis acquisition-related charges as well as its focus on productivity and program execution. Net income rose to $161MM or $1.32 per share from $160MM or $1.27 per share last year. Revenue slid 0.5% to $1.41Bil, on lower International Tactical Communications volume.
$HRS received a $133MM contract to supply electronic jammers. The contract was awarded during 1Q18. Under the contract, Harris will manufacture and deliver IDECM jammers for the F/A-18C/D/E/F variants. Deliveries to the U.S. Navy and to Australia through the U.S. government’s Foreign Military Sales program are expected to be complete by May 2020.
$HRS awarded a five-year single-award IDIQ contract from the U.S Department of Navy to offer tactical radios and ancillary devices to the Navy and Marine Corps. The new contract of approx. $765MM, replaces the $30MM IDIQ contract that expired in August.
The United Kingdom's Ministry of Defence (MOD) has awarded $HRS a contract worth up to $70MM to provide T7 robotic systems, with a highly intuitive control interface and haptic feedback, to support U.K. explosive ordnance disposal (EOD) missions around the world.
$HRS received development contract from MBDA to provide carriage and release systems to support U.K.'s SPEAR precision strike missile future air combat capability requirements, including U.K. F-35 Lightning II Joint Strike Fighter. This follows close of concept assessment phase contract and provides option for upcoming demonstration phase contract.
Technology company $HRS has declared a quarterly cash dividend of 57 cents per share on its common stock, which is higher by 4 cents compared to the previous dividend. The dividend is payable on September 22, 2017, to shareholders of record on September 8, 2017.
$HRS has received a delivery order to supply its multi-channel Falcon III HMS Manpack radios to support two major U.S. Army test events. The order, received during 1Q18, also includes vehicle installation kits, ancillaries, training and field service representative support. The first radios are expected to be delivered in the spring of 2018.