Leading supplier of communications equipment and services, Harris Corporation (HRS), recently won a deal worth $78 million from an unidentified country in central Asia. The time of delivery of the contract, which involves the supply of Harris’ Integrated Tactical Area Communications System (:ITACS), has been kept under wraps.
Harris’ ITACS provides military forces with advanced control and command competence services like teleconferencing, Voice over Internet Protocol, messaging and email facility along with field supervision and common operative picture applications.
Last month, Harris had won two indefinite delivery, indefinite quantity (:IDIQ) deals from the U.S. army for the supply of Soldier Radio Waveform (SRW.V) vehicular appliqué systems. The $988 million SRW Appliqué Radio Systems contract was divided among four companies, namely, Exelis Inc., General Dynamics Corporation (GD), Thales Defense & Security and Harris. In the same month, the company also received a couple of contracts worth $131 million from some countries the names of which were not disclosed.
We believe such continuous and valuable contract wins will drive the company’s top and bottom lines higher. In the recently concluded quarter, the company surpassed the Zacks Consensus Estimate and also raised its fiscal 2014 earnings outlook. Consolidated revenues in the reported quarter stood at $1,267.5 million, up 5.3% year over year, surpassing the Zacks Consensus Estimate of $1,231 million. The company’s revenues from the government communications system increased 9.7% year over year to $476.6 million, whereas RF Communications system generated $457.2 million in revenues, up 9.5% year over year.
Currently, Harris carries a Zacks Rank #3 (Hold).
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