Harris Corp. (HRS) Tops Q4 EPS by 2c, Beats on Revenues; Offers FY19 Guidance

Harris Corp. (NYSE: HRS) reported Q4 EPS of $1.78, $0.02 better than the analyst estimate of $1.76. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.62 billion.

• 4Q18 revenue up 8% to $1.7 billion; orders up 18%; book-to-bill 1.1
• 4Q18 GAAP EPS from continuing operations up 29% to $1.74; non-GAAP1 up 19% to $1.78
• FY18 revenue up 5%; orders up 23%; book-to-bill 1.2
• FY18 GAAP EPS from continuing operations up 16% to $5.94; non-GAAP up 18% to $6.50
• FY18 operating cash flow, adjusted operating cash flow2 and adjusted free cash flow2 of $751 million, $1,051 million and $915 million, respectively
• Initiated FY19 guidance:3 EPS from continuing operations of $7.65 - $7.85; revenue up 6 - 8%; free cash flow ≥ $1 billion

"We ended the year on a high note with strong fourth quarter results capping a successful 2018," said William M. Brown, chairman, president and chief executive officer. "We achieved our highest revenue growth in the last seven years with all three segments up year over year, high teens EPS growth, record free cash flow and more than half a billion dollars returned to shareholders. With a well-funded budget, solid backlog growth, strong customer relationships and a culture of operational excellence, we are well positioned to accelerate growth, increase margins and generate free cash flow in excess of $1 billion."

GUIDANCE:

Harris Corp. sees FY2019 EPS of $7.65-$7.85, versus the consensus of $7.70.

For earnings history and earnings-related data on Harris Corp. (HRS) click here.

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