$20.4 B

HRS Mkt cap, 15-Oct-2018

$6.2 B

Harris Revenue FY, 2018
Harris Revenue growth (FY, 2017 - FY, 2018), %5%
Harris Gross profit (FY, 2018)2.3 B
Harris Gross profit margin (FY, 2018), %36.4%
Harris Net income (FY, 2018)718 M
Harris EBIT (FY, 2018)1.1 B
Harris Cash, 29-Jun-2018288 M
Harris EV23.8 B

Harris Revenue

Harris revenue was $6.18 b in FY, 2018 which is a 4.8% year over year increase from the previous period.

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Harris Revenue Breakdown

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Harris revenue breakdown by business segment: 38.3% from Electronic Systems, 31.0% from Space and Intelligence Systems and 30.7% from Communication Systems

Harris Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

5.0b5.1b7.5b5.9b6.2b

Revenue growth, %

1%47%(21%)5%

Cost of goods sold

3.3b3.4b5.1b3.8b3.9b

Gross profit

1.7b1.7b2.3b2.1b2.3b

Gross profit Margin, %

34%34%31%35%36%

R&D expense

264.1m277.0m309.0m310.0m

General and administrative expense

819.6m1.0b1.2b1.0b1.1b

Operating expense total

819.6m1.0b1.2b1.0b1.1b

EBIT

881.9m713.0m782.0m1.1b1.1b

EBIT margin, %

18%14%10%18%18%

Interest expense

93.6m130.0m183.0m172.0m170.0m

Interest income

2.8m2.0m2.0m2.0m2.0m

Pre tax profit

795.4m477.0m611.0m905.0m926.0m

Income tax expense

256.2m143.0m(266.0m)267.0m(205.0m)

Net Income

534.8m334.0m324.0m553.0m718.0m

Harris Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

561.0m481.0m487.0m484.0m288.0m

Accounts Receivable

566.1m1.2b937.0m623.0m735.0m

Inventories

618.7m1.0b964.0m841.0m925.0m

Current Assets

2.0b3.5b2.6b2.1b2.2b

PP&E

728.1m1.2b1.0b904.0m900.0m

Goodwill

1.7b6.3b6.0b5.4b5.4b

Total Assets

4.9b13.1b12.0b10.1b9.8b

Accounts Payable

324.3m581.0m602.0m540.0m622.0m

Short-term debt

59.7m130.0m382.0m634.0m304.0m

Current Liabilities

1.1b2.3b2.0b1.9b1.8b

Long-term debt

1.6b5.1b4.1b3.4b3.4b

Non-Current Liabilities

2.0b7.4b7.0b5.2b4.7b

Total Debt

1.6b5.2b4.5b4.0b3.7b

Total Liabilities

3.1b9.7b8.9b7.2b6.5b

Common Stock

106.0m124.0m125.0m120.0m118.0m

Additional Paid-in Capital

509.1m2.0b2.1b1.7b1.7b

Retained Earnings

1.2b1.3b1.3b1.3b1.7b

Total Equity

1.8b3.4b3.1b2.9b3.3b

Debt to Equity Ratio

0.9 x1.5 x1.5 x1.4 x1.1 x

Debt to Assets Ratio

0.3 x0.4 x0.4 x0.4 x0.4 x

Financial Leverage

2.7 x3.9 x3.9 x3.4 x3 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

449.1m469.5m487.7m320.0m511.0m302.0m284.0m361.0m302.0m388.0m422.0m443.0m

Accounts Receivable

603.7m582.0m652.7m1.1b935.0m1.1b976.0m762.0m714.0m706.0m642.0m743.0m

Inventories

648.3m649.6m635.7m1.1b1.1b992.0m962.0m1.0b894.0m896.0m942.0m963.0m

Current Assets

1.9b1.9b2.0b3.1b2.8b2.9b2.4b2.6b2.9b2.1b2.1b2.4b

PP&E

730.5m724.5m705.5m1.2b1.1b1.0b988.0m908.0m895.0m890.0m878.0m879.0m

Goodwill

1.7b1.7b1.7b6.3b6.0b5.9b6.0b5.8b5.4b5.4b5.4b5.4b

Total Assets

4.8b4.8b4.8b12.7b12.1b11.9b11.8b11.6b11.1b10.1b9.9b10.1b

Accounts Payable

302.9m292.1m279.6m455.0m558.0m529.0m508.0m540.0m428.0m452.0m462.0m494.0m

Short-term debt

53.6m75.3m27.3m180.0m583.0m474.0m399.0m313.0m354.0m602.0m528.0m828.0m

Current Liabilities

1.1b1.0b1.0b1.9b2.1b2.0b1.9b1.7b1.7b1.9b1.7b2.1b

Long-term debt

1.6b1.6b1.6b4.9b4.4b4.3b4.1b4.1b3.9b3.4b3.4b3.4b

Non-Current Liabilities

2.0b2.0b1.9b7.2b6.7b6.5b6.9b6.8b6.5b5.2b5.1b4.8b

Total Debt

1.6b1.7b1.6b5.1b5.0b4.8b4.5b4.4b4.2b4.0b3.9b4.2b

Total Liabilities

3.0b3.0b3.0b9.1b8.8b8.5b8.7b8.5b8.2b7.1b6.9b6.9b

Common Stock

104.6m104.1m104.2m124.0m124.0m124.0m124.0m124.0m122.0m119.0m119.0m119.0m

Additional Paid-in Capital

495.7m498.9m512.5m2.0b2.1b2.1b2.0b2.1b1.7b1.7b1.7b1.7b

Retained Earnings

1.2b1.3b1.4b1.3b1.1b1.2b1.4b1.5b1.6b1.4b1.4b1.5b

Total Equity

1.8b1.8b1.8b3.5b3.3b3.4b3.1b3.2b2.9b3.0b3.0b3.1b

Debt to Equity Ratio

0.9 x0.9 x0.9 x1.5 x1.5 x1.4 x1.5 x1.4 x1.4 x1.3 x1.3 x1.3 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x

Financial Leverage

2.7 x2.6 x2.6 x3.7 x3.7 x3.5 x3.9 x3.7 x3.8 x3.4 x3.3 x3.2 x

Harris Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

534.2m334.0m324.0m553.0m718.0m

Depreciation and Amortization

204.3m244.0m229.0m183.0m158.0m

Accounts Receivable

115.8m(17.0m)192.0m111.0m(112.0m)

Inventories

50.1m20.0m(28.0m)28.0m(84.0m)

Accounts Payable

(50.0m)31.0m82.0m18.0m82.0m

Cash From Operating Activities

849.2m854.0m924.0m569.0m751.0m

Purchases of PP&E

(209.3m)(148.0m)(152.0m)(119.0m)(136.0m)

Cash From Investing Activities

(162.6m)(3.3b)(1.0m)870.0m(141.0m)

Long-term Borrowings

(134.0m)(954.0m)(730.0m)(584.0m)(1.7b)

Dividends Paid

(180.3m)(198.0m)(252.0m)(262.0m)(272.0m)

Cash From Financing Activities

(448.1m)2.4b(893.0m)(1.4b)(805.0m)

Net Change in Cash

240.0m(80.0m)6.0m(3.0m)(196.0m)

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

125.0m264.0m390.0m148.0m(4.0m)164.0m160.0m337.0m422.0m161.0m300.0m501.0m

Depreciation and Amortization

51.0m104.0m164.0m61.0m114.0m163.0m53.0m101.0m140.0m40.0m80.0m117.0m

Accounts Receivable

(37.6m)(15.9m)(86.6m)82.0m220.0m102.0m(39.0m)125.0m14.0m(83.0m)(19.0m)(120.0m)

Inventories

(29.7m)(30.9m)(17.0m)(108.0m)(91.0m)(22.0m)2.0m(50.0m)(26.0m)(56.0m)(102.0m)(122.0m)

Accounts Payable

(102.3m)(119.9m)(111.1m)(158.0m)(128.0m)(175.0m)(75.0m)(132.0m)(113.0m)(88.0m)(78.0m)(46.0m)

Cash From Operating Activities

80.0m222.0m395.0m64.0m387.0m507.0m43.0m295.0m489.0m95.0m373.0m230.0m

Purchases of PP&E

(41.0m)(79.0m)(102.0m)(26.0m)(51.0m)(84.0m)(21.0m)(49.0m)(79.0m)(23.0m)(43.0m)(79.0m)

Cash From Investing Activities

(34.0m)(72.0m)(95.0m)(24.0m)(49.0m)(112.0m)(46.0m)(74.0m)271.0m(23.0m)(45.0m)(81.0m)

Long-term Borrowings

(9.0m)(17.0m)(46.0m)(173.0m)(395.0m)(510.0m)(38.0m)(300.0m)(548.0m)(35.0m)(363.0m)(367.0m)

Dividends Paid

(50.0m)(99.0m)(149.0m)(64.0m)(127.0m)(189.0m)(68.0m)(134.0m)(199.0m)(69.0m)(137.0m)(205.0m)

Cash From Financing Activities

(150.0m)(219.0m)(336.0m)(192.0m)(295.0m)(560.0m)(201.0m)(341.0m)(942.0m)(174.0m)(394.0m)(196.0m)

Net Change in Cash

(112.0m)(91.0m)(73.0m)(161.0m)30.0m(179.0m)(203.0m)(126.0m)(185.0m)(96.0m)(62.0m)(41.0m)

Harris Ratios

USDY, 2018

EV/EBIT

21.2 x

EV/CFO

31.7 x

Revenue/Employee

382.0k

Debt/Equity

1.1 x

Debt/Assets

0.4 x

Financial Leverage

3 x
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Harris Operating Metrics

Harris's Backlog was reported to be $10.8b in FY, 2016.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018Q2, 2018Q3, 2018

Order Volume

$1.13 b$288 m$263 m$286 m$1.24 b$404 m$238 m$290 m$1.17 b$369 m$301 m$279 m$1.24 b$681 m$353 m$332 m

Bookings

$564 m$575 m$521 m$451 m$601 m$665 m$556 m$511 m$472 m$530 m$555 m$507 m$494 m$879 m$884 m$880 m

Backlog Funded

$3 b$5.30 b$5.10 b$4.20 b

Backlog

$7.20 b$12.20 b$10.80 b

Countries

125 125 100 100

Engineers And Scientists

6 k9.20 k9 k7.70 k

Patent Applications

1 k1.40 k800 550

Patents (US)

1.10 k1.87 k1.90 k1.80 k

Patents (foreign)

1.07 k1.89 k1.70 k1.24 k

Patents Pending (US)

340 360 200 160

Patents Pending (foreign)

640 1.04 k600 390
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