Summary
L3Harris Technologies (formerly Harris Corporation) announced a significant realignment of its operating businesses, effective for the third quarter of fiscal year 2011. This restructuring aims to provide increased market focus, particularly in the fast-growing global markets for integrated communications and IT services. The company has also reaffirmed its previously issued guidance for net income per diluted share and revenue for fiscal 2011, indicating confidence in its financial outlook. Key to this realignment is the creation of a new 'Integrated Network Solutions' segment. This segment will combine Harris IT Services, Harris CapRock Communications, Healthcare Solutions, and Cyber Integrated Solutions, along with the existing Broadcast Communications business. The RF Communications segment remains unchanged, while the Government Communications Systems segment will now comprise Civil Programs, Defense Programs, and National Intelligence Programs. This shift is intended to better align the company's structure with market demands and strategic growth areas.
Key Highlights
- 1Harris Corporation is realigning its operating businesses for increased market focus, particularly in integrated communications and IT services.
- 2A new 'Integrated Network Solutions' segment is being created, combining several IT and communications-focused businesses.
- 3The company reaffirms its previously issued guidance for fiscal year 2011 net income per diluted share and revenue.
- 4The RF Communications segment structure remains unchanged.
- 5The Government Communications Systems segment will be comprised of Civil Programs, Defense Programs, and National Intelligence Programs.
- 6The new segment structure will be reflected in financial statements for periods ending after December 31, 2010, with comparative prior period data provided.
- 7The company is providing reclassified historical operating segment data for fiscal years 2009, 2010, and the first two quarters of fiscal 2011.