Harris reported its financial results for Second Quarter (Q2) 2019. In its Space and Intelligence Systems division, revenue increased 11 percent as double-digit growth from classified programs, driven by small satellites, exquisite systems and ground-based adjacencies, was partially offset by expected lower revenue from environmental programs.
Operating income increased 15 percent to $92 million. Orders increased 51 percent, including a $218 million follow-on award from the U.S. Army; a $195 million award to develop the Optical Telescope Assembly for NASA‘s Wide Field Infrared Survey Telescope (WFIRST) program; a $115 million classified space award to provide next-generation technology for a long-standing franchise; and an $80 million award from the Space Enterprise Consortium to develop next-generation Global Positioning System (GPS) and space antenna technology for an experimental satellite with significant follow-on opportunities.
First half segment revenue increased 8 percent as double-digit growth from classified programs was partially offset by expected lower revenue from environmental programs. Operating income increased 7 percent on higher volume, partially offset by increased investments in innovation.
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