$HRS (Harris Corporation)

$HRS {{ '2016-02-02T12:01:46+0000' | timeago}} • Announcement

$HRS now expects to exit FY17 with annual run-rate savings in a range of $140-150MM, significantly higher than its previous expectation of about $120MM. Separately, $HRS launched additional restructuring and other actions in 2Q16 as part of its ongoing strategy to lower costs and improve operating performance.

$HRS {{ '2017-07-10T16:31:03+0000' | timeago}} • Announcement

$HRS received a 5-year $461MM ceiling, multi-award IDIQ contract to modernize the U.S. Army's mission-critical communications network. $HRS will upgrade the land mobile radio (LMR) system infrastructure on Army bases across the U.S., as well as replace existing systems with the latest technology.

$HRS {{ '2017-06-27T13:24:35+0000' | timeago}} • Announcement

Tech company $HRS has appointed Chris Tucker as VP and Managing Director of its Middle East operations. Tucker, a retired Army Brigadier, succeeds Wes Covell who is retiring after a 26-year career with Harris. Previously, Tucker was VP of International Business Development at Harris. He will be based in Abu Dhabi.

$HRS {{ '2017-06-19T20:28:59+0000' | timeago}} • Announcement

The US Special Operations Command has awarded $HRS a six-year, $255MM ceiling contract to supply powerful next-generation multi-channel manpack radios that will enable superior communications for US Special Operations Forces on the battlefield.

$HRS {{ '2017-06-06T14:52:29+0000' | timeago}} • Announcement

Technology company $HRS has received a five-year, $500MM ceiling, single-award IDIQ contract from the National Geospatial-Intelligence Agency (NGA) to develop software for NGA analysts and customers to search and retrieve data from intelligence systems efficiently.

$HRS {{ '2017-06-05T19:11:06+0000' | timeago}} • Announcement

The first 4 maritime vessel tracking receivers of $HRS have become operational, marking  beginning of the only global real-time ship tracking capability that is based on Automatic Identification System. Launched onboard four satellites, the maritime tracking system is tracking 250,000 ships and providing data to government and commercial customers.

$HRS {{ '2017-05-31T13:22:55+0000' | timeago}} • Announcement

$HRS has been awarded contracts to provide $BA with sonobuoy launching technology for the U.S. Navy's P-8A anti-submarine aircraft. The contracts were awarded during 3Q17 of Harris.

$HRS {{ '2017-05-09T13:59:06+0000' | timeago}} • Announcement

$HRS received contracts valued at a total of $90MM from a European nation for tactical radios as part of the country's communications readiness program. The contracts were received during 3Q17.

$HRS {{ '2017-05-03T10:50:38+0000' | timeago}} • Announcement

$HRS narrowed its FY17 EPS guidance to $5.20-5.25 from $5.21-5.41 and its non-GAAP EPS estimate to $5.50-5.55 from $5.40-5.60. This excludes Exelis acquisition-related and other charges. $HRS cut organic revenue outlook to down about 1% from flat-to-down 2%. The company still expects FY17 free cash flow of about $800MM.

$HRS {{ '2017-05-03T10:50:18+0000' | timeago}} • Announcement

$HRS reported a drop in 3Q17 earnings due to discontinued operations from CapRock and government IT services. Net income fell to $85MM or $0.69 per share from $168MM or $1.34 per share last year. Revenue declined to $1.49Bil from $1.55Bil, due to divested Aerostructures business. Non-GAAP EPS increased to $1.38 from $1.35.

$HRS {{ '2017-04-28T19:12:36+0000' | timeago}} • Announcement

$HRS completed sale of its government IT services business to Veritas Capital for $690MM in cash. Proceeds from the transaction will be used to support the company's capital allocation strategy, including pension pre-funding and share repurchases.

$HRS {{ '2017-04-24T14:58:59+0000' | timeago}} • Announcement

$HRS was awarded a 5-year $875MM ceiling, multi-award IDIQ contract by the U.S. Air Force for cryptographic and information assurance products, including support throughout their lifecycles. The contract was awarded to seven companies during the third quarter of Harris' fiscal 2017.

$HRS {{ '2017-02-02T15:32:56+0000' | timeago}} • Announcement

$HRS expects its FY17 GAAP income from continuing operations to be in the range of $5.21-5.41 per share and non-GAAP income from continuing operations to be in the range of $5.40-5.60. The company anticipated FY17 revenue to be in the range of $5.76-5.88Bil.

$HRS {{ '2017-02-02T15:30:36+0000' | timeago}} • Announcement

$HRS's Communication System segment reported 2Q17 revenue of $413MM, down 16% YoY. Revenue from Space and Intelligent Systems segment rose 5% YoY to $468MM, primarily driven by higher revenue from intelligence community customers.Electronic Systems segment revenue was $384MM, up 1 YoY.

$HRS {{ '2017-02-02T15:27:18+0000' | timeago}} • Announcement

Defense contractor $HRS reported 2Q17 net income from continuing operation of $168MM, or $1.33 per share, compared to $197MM, or $1.58 per share in 2Q16. Revenue during the quarter fell 3% YoY to $1.75Bil. Excluding items, $HRS earned $1.42 per share.

$HRS {{ '2017-01-27T17:38:45+0000' | timeago}} • Announcement

$HRS agreed to sell its government IT services business to an affiliate of Veritas Capital. The company expects to benefit from the use of cash proceeds and restructuring actions related to the two divestitures, resulting in FY18 net dilution of $0.10-0.15 per share.

$HRS {{ '2017-01-27T17:37:54+0000' | timeago}} • Announcement

$HRS agreed to sell its government IT services business to an affiliate of Veritas Capital for $690MM in cash. Proceeds from the transaction will be used to support $HRS' capital allocation strategy, including pension pre-funding and share repurchases. The transaction is expected to close before the end of FY17.

$HRS {{ '2017-01-03T17:51:31+0000' | timeago}} • Announcement

$HRS has completed the sale of its CapRock Communications commercial business to SpeedCast International Limited for $425MM in cash. Proceeds from the transaction will be used to pay down debt and return cash to shareholders.

$HRS {{ '2016-11-07T15:19:17+0000' | timeago}} • Announcement

$HRS received 5-year, $43MM follow-on contract from the National Cancer Institute's Center for Cancer Research, continuing a legacy of providing comprehensive clinical data management for Institute's intramural clinical trials program. The contract, which includes 1 base year and 4 one-year options, was awarded during 1Q17.

$HRS {{ '2016-11-01T19:54:45+0000' | timeago}} • Webcast

$HRS' total book-to-bill for 1Q17 was 1.17, with strong bookings of $2.05Bil. As the company expects growth for 2018 and beyond, $HRS certainly hopes for good positive bookings in this year. This in turn would lead the company into growth in 2018.

$HRS {{ '2016-11-01T19:40:32+0000' | timeago}} • Webcast

$HRS agreed to sell CapRock Communications commercial business to SpeedCast International. The cash proceeds is expected to be over $400MM. More than half of the cash proceeds will be used to pay down debt and a little less than half will be used on share buyback. On annual basis, $HRS expects it to be about $0.04 dilutive.

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