Harris Wins Caribbean Order
Harris Corporation (HRS) has emphasized its leadership position in the public safety and professional communications market by winning a $31 million contract in Trinidad and Tobago. The deal signifies the growing global popularity of the company’s communication products among the defense sectors of various countries.
Harris has been awarded the contract by Trinidad and Tobago Police Service and will replace their existing communication system with its Public Safety Access point (:PSAP) and 800MHz P25 trunked radio systems.
Florida-based Harris will provide interoperable communications between the armed forces and public safety department by combining Harris’s VIDA network with the ultra high frequency (:UHF) in the island country. Installing the Harris solution the country is replacing its existing analog based communication system with the latest digital radio system, thus providing increased coverage for its emergency teams.
Harris’s RF Communications segment provides secure radio communications and embedded high-grade encryption solutions for military, government and commercial organizations. At the end of the previous quarter, order backlog in the segment came in at $1.24 billion including $623 million in Public Safety and Professional Communications.
Of late, the company has won numerous orders for its Tactical III radio products both from domestic and international customers. As per Zacks Consensus Estimate the company is expected to deliver earnings of $1.20 marking a sequential improvement of 5.2%.
We believe as the communications solution provides the flexibility to upgrade the technology as per the requirement of different organizations, it will continue to increase its attractiveness to other security agencies around the world.
Financial Results of Related Companies
Motorola Solutions Inc. (MSI), another operator in the industry, has declared strong financial results for the fourth quarter of 2012 with adjusted earnings of 99 cents, way ahead of the Zacks Consensus Estimate of 92 cents. On the contrary, General Dynamics (GD) has declared a fourth quarter earnings of $1.39, heavily missing Zacks Consensus Estimate of $1.90.
Other Stocks Set for Earnings Release
Another company, which is about to release financial results in the upcoming days is The Boeing Co (BA), which will report its fourth quarter 2012 results on Jan 30. The current Zacks Consensus Estimate for fourth quarter stands at $1.19 for Boeing.
Currently, Harris Corp. carries a Zacks Rank #4 (Sell).
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