Harris Wins Multiple Orders - Analyst Blog

By Zacks | January 03, 2013 AAA

Harris Corp. (HRS) has won orders worth $85 million from the U.S. Air Force to supply Falcon multiband manpack tactical radios and related devices. Additionally, the company will also make another delivery of $33 million to the U.S. Air Force team. The implementation of the popular Falcon III AN/PRC-117G will not only provide wideband data communications support but will also allow the Air Force team to easily get linked with the Global Information Grid, hence delivering faster network speed.

Harris' AN/PRC-117G radio is gaining huge popularity around the world. Already the company has supplied 25,000 devices in Canada, France, Germany, Australia, Poland and several other countries in NATO.

In the recently concluded quarter, Harris' bottom line topped the Zacks Consensus Estimate. In the reported quarter, the Tactical Radio Communications business garnered $307 million revenue. It also generated new orders worth $254 million with a total order backlog of $612 million.

Harris Corp.'s consistent deal wins and huge order backlog are particularly encouraging, since it remains exposed to stiff competition from the companies like Boeing Co. (BA), General Dynamics Corp. (GD) and Raytheon Co. (RTN), which also provide high-end public safety communication systems.

Harris Corporation, based in Melbourne, Florida, remains one of the leaders in the public safety and professional communication market and boasts products ranging from industry leading multi-band, multi-mode radios, public safety-grade broadband voice, video and data solutions.

We are maintaining our long-term 'Neutral' recommendation on Harris Corporation. Currently, it holds a Zacks #3 Rank, implying a short-term Hold rating.

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