Harris Corporate Headquarters in Melbourne, Florida. Photo: Harris Corporation

[Via Satellite 10-29-13] Harris Corporation reported revenue in the first quarter of fiscal 2014 of $1.19 billion and income from continuing operations of $128 million, or $1.18 per diluted share. Income from continuing operations in the prior year was $129 million, or $1.14 per diluted share. Orders in the first quarter were $1.20 billion.

The company generated free cash flow (net cash provided by operating activities less capital expenditures) of $139 million in the first quarter compared with $77 million in the prior year. Free cash flow was 109 percent of income from continuing operations.

“Previous restructuring actions together with our continuing progress on operational excellence allowed us to post solid results in the quarter, despite the tough government spending environment,” said William M. Brown, president and chief executive officer.

During the quarter, Harris increased its dividend 13.5 percent, used $100 million in cash to repurchase common stock, and approved a new $1 billion share repurchase authorization. Harris reiterated its fiscal 2014 guidance for income from continuing operations in a range of $4.65 to $4.85 per diluted share and for revenue declining 1 to 3 percent compared with the prior year.