Harris Reports Quarterly Revenue

Integrated Network Solutions segment posted a 4% decline, not counting acquisitions
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The division of Harris Corp. that includes broadcast equipment manufacturing reported a 4% decline of comparable revenue in the second quarter of its fiscal year, compared to a year earlier.

Revenue for the Integrated Network Solutions segment was $526 million, actually up 6%, but that increase was due to the acquisition of Schlumberger’s Global Connectivity Services business last April. Without that acquisition, revenue was down 4%.

Harris no longer reports broadcast revenue specifically in its quarterly financial statements. In March of 2011 it created a segment called Integrated Network Solutions, which includes not only the Broadcast Communications business but also Harris IT Services, Harris CapRock Communications, Healthcare Solutions and Cyber Integrated Solutions. Results are now reported for that overall entity.

As for the parent company itself, in the second quarter Harris reported revenue of $1.45 billion compared with $1.44 billion a year earlier. GAAP net income was $133 million, or $1.16 per diluted share, down from $151 million, or $1.18 per diluted share, in the prior year.

President/CEO William M. Brown called the quarter’s results “solid … with earnings per share in line with the prior year, despite orders and revenue being dampened by the constrained government spending environment.”

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