(HRS) Harris’ Winning Spree Continues

A leading supplier of communications equipment and services, Harris Corp. (HRS) recently won a $16 million contract from the U.S. military forces to supply Falcon III AN/PRC-117G Multiband Manpack tactical radios.

Earlier, the company had received orders worth $9.4 million and $5 million, respectively, for the same device from the U.S air and marine departments.

This newly developed tactical radio supports both way communications along with better streaming of videos, more delivery of data and information across wideband networks during warfare. Its reduced weight and size will also enhance the movement of the armies in the battlefield. This newly developed AN/PRC-117G Multiband radio software, which provides secure voice and data signals, has also been certified by the National Security Agency (NSA).

During the quarter, Harris won more than $150 million tactical radio contracts, which reflects strong signs of growth in the company’s RF Communication segment.

Harris remains a leader in the public safety and professional communication market and boasts products ranging from IP voice and data networks, industry leading multi-band, multi-mode radios, public safety-grade broadband voice, video and data solutions that support 500 systems globally.

In the recently concluded third quarter, the company won contracts worth approximately $1.55 billion, thereby strengthening its capital position. Further, given a strong financial background, Harris remains focused on business expansion through acquisitions. Recently, the company acquired the Global Connectivity Services business from Schlumberger Ltd (SLB). It also bought Carefx Corporation, a leading provider of interoperability workflow solutions in April 2011. The acquisition of Carefx Corporation provides Harris a strong foothold in the commercial health care communication system market.

However, the company remains exposed to stiff competition from companies like Boeing Co. (BA), General Dynamics Corp. (GD) and Raytheon Co. (RTN), which also provide high-end public safety communication systems.

We maintain our long-term Neutral recommendation for Harris Corporation, which corresponds to a Zacks #3 Rank (short-term Hold rating).

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