Harris Corporation (HRS), a leading supplier of communications equipment and services, won a couple of contracts from unidentified international countries.
The company received $82 million in orders from a global customer and an order worth $49 million from an Asian country. As per the deal, the company will be delivering Falcon III RF-7800H high-frequency wideband manpack and RF-7850M multiband handheld radios to the nation in Asia. On the other hand, Falcon III RF-7800H wideband high-frequency and RF-7800V very-high-frequency radios will be supplied to the international customer.
Recently, Harris reported mixed financial results for the second quarter of fiscal 2014 with the bottom line surpassing the Zacks Consensus Estimate but the top line missing. The company’s RF Communications segment is gaining momentum in international markets and this trend is likely to continue since Harris’ next-generation Falcon III tactical radio is receiving increasing market traction. Moreover, the company has raised its earnings outlook for 2014, mainly attributable to 3% annual growth in international military spending.
At the end of the second quarter of 2014, order backlog came in at $1,321 million, including $730 million in the Tactical Radio Communications segment and $591 million in the Public Safety and Professional Communications segment.
Currently, Harris Corp. has a Zacks Rank #3 (Hold).
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