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MarketScreener Homepage  >  Equities  >  Nyse  >  Harris Corporation    HRS

HARRIS CORPORATION

(HRS)
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Harris Corporation : Delivers First Satellite Terminals for U.S. Army's Modernization of Enterprise Terminals ProgramMonday, October 21, 2013

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10/21/2013 | 09:59am EDT

Harris Corporation Delivers First Satellite Terminals for U.S. Army's Modernization of Enterprise Terminals Program
Highlights:
  • Strategic fixed and transportable terminals delivered with simultaneous X- and Ka-band capability.
  • Delivery represents completion of robust environmental qualification and performance verification.
  • Program transitioning to full production with support for field installation, test and maintenance.

MELBOURNE, FL/WASHINGTON, October 21, 2013 (Harris Booth #1725) - Harris Corporation (NYSE:HRS), an international communications and information technology company, has successfully developed, tested and delivered the first four satellite communications terminals for the U.S. Army's Modernization of Enterprise Terminals (MET) program. The terminals will create the worldwide backbone for high-priority military communications and missile defense systems. The announcement was made during the 2013 Association of the United States Army (AUSA) conference in Washington, DC, October 21-23, Harris Booth #1725.

The company delivered two, large simultaneous X-/Ka-band terminals and two transportable terminals - each in a different configuration. The terminals passed rigorous testing to ensure they will withstand extreme vibration, temperature, humidity and exposure to rain, wind, ice, sand and electromagnetic pulse. The terminals were certified to operate with military satellite networks such as the Defense Satellite Communications System and the Wideband Global SATCOM system.

"The MET terminals have been tested and certified to the highest military standards," said Ed Zoiss, vice president and general manager, Defense Programs, Harris Government Communications Systems. "These terminals are state-of-the-art systems, proven to perform in extreme environments and fully certified to provide critical connectivity to the deployed warfighter."

Harris now transitions into the production phase, when the company expects to deliver one terminal per month for the next four years. The company also will support field activities such as site preparation, installation, test, and operations and maintenance. As the prime contractor for MET, Harris is replacing up to 80 aging strategic satellite communications terminals worldwide.

About Harris Corporation
Harris is an international communications and information technology company serving government and commercial markets in more than 125 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and about 14,000 employees - including 6,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services. Additional information about Harris Corporation is available at harris.com.

# # #

Contact Information:

Sleighton Meyer
Harris Government Communications Systems
sleighton.meyer@harris.com
321-727-6514

Jim Burke
Harris Corporation
jim.burke@harris.com
321-727-9131

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Financials ($)
Sales 2019 6 691 M
EBIT 2019 1 292 M
Net income 2019 928 M
Debt 2019 2 984 M
Yield 2019 1,69%
P/E ratio 2019 20,95
P/E ratio 2020 18,04
EV / Sales 2019 3,30x
EV / Sales 2020 3,06x
Capitalization 19 130 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 182 $
Spread / Average Target 12%
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Managers
NameTitle
William M. Brown Chairman, President & Chief Executive Officer
Sheldon J. Fox Senior VP-Operations & Information Technology
Rahul Ghai Chief Financial Officer & Senior Vice President
Ross Niebergall Chief Technology Officer & Vice President
Leslie F. Kenne Independent Director
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