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MarketScreener Homepage  >  Equities  >  Nyse  >  Harris Corporation    HRS

HARRIS CORPORATION

(HRS)
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Sen. Schumer: Harris Corp Wins $75M Order to Upgrade Marine Corps' Radios

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01/12/2019 | 08:26am EDT

WASHINGTON, Jan. 11 -- The office of Sen. Charles E. Schumer, D-New York, issued the following news release:

* * *

- Senator Says Harris's Software Upgrades Will Provide Significant, Inexpensive Boost To Marine Corps' Manpack Radios

- New Order Follows Schumer's Successful Push To Increase Funding For These Radio Software Upgrades In The FY19 Defense Appropriations Bill

- Schumer: Major Order Is A Win-Win For Our Marines, Harris Corp., And The Rochester-Finger Lakes Economy

* * *

U.S. Senator Charles E. Schumer today announced that Harris Corp., in Rochester, New York, has been awarded a $75 million order to execute Mobile User Objective System (MUOS) narrowband satellite communication upgrades to the US Marine Corps' Falcon III AN/PRC-117G manpack radios. The $75 million order follows Schumer's successful push for MUOS upgrade funding in the Fiscal Year 2019 (FY19) Defense Appropriations bill. Schumer explained that the procurement will help to extend the life of the Marine Corps' existing radios by upgrading and modernizing the radio's software.

"This well-earned order for Harris Corp. to upgrade the Marine Corps' radios will boost the Rochester-Finger Lakes economy, in addition to ensuring that our Marines have the most modern and effective radios possible. Harris has proven countless times over that it produces superior technology for the U.S. military, and this order further confirms it," said Senator Schumer. "I was proud to secure funding for MUOS upgrades in the 2019 Defense Appropriations bill to give Harris a chance to compete for this order, and will always fight for investments that both protect our troops and provide a shot in the arm to the Rochester-Finger Lakes economy."

"The addition of MUOS SATCOM capabilities in Harris' easily upgradeable software defined radios provides the Marines with more advanced capability to stay connected and execute their mission. This technology would not have been possible without a significant investment by our company, the commitment of the Marines, and the ongoing support of Senator Schumer," said William M. Brown, chairman, president and CEO of Harris.

Schumer said that he successfully helped to secure funding for the MUOS upgrades in the Senate FY19 Defense Appropriations bill last year. The House of Representatives slashed funding for the MUOS upgrades in its version of the bill. However, Schumer pushed for the final FY19 conference report to use the Senate's proposed funding total and was ultimately successful.

The PRC-117g is a large "manpack" sized radio that typically is integrated into military vehicles. It provides wideband services and has been procured in the past by the United States Marine Corps, Air Force, and Army. The MUOS upgrades to the PRC-117g radios will serve numerous benefits including, meeting the Marines' increasing demand for more capable satellite communications, enhanced voice and data communication, and giving the Marine Corps an affordable option to improve and extend the life of their existing radios.

© 2019 Targeted News Service, source News Service

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Financials ($)
Sales 2019 6 739 M
EBIT 2019 1 276 M
Net income 2019 944 M
Debt 2019 3 272 M
Yield 2019 1,38%
P/E ratio 2019 25,17
P/E ratio 2020 21,69
EV / Sales 2019 3,96x
EV / Sales 2020 3,68x
Capitalization 23 414 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 206 $
Spread / Average Target 3,7%
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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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