Summary
This Form 8-K filing by Harris Corporation on August 2, 2011, primarily announces the company's financial results for the fourth quarter and full fiscal year 2011, alongside an updated outlook for fiscal year 2012. Investors should note the company's focus on growth and shareholder returns. Key financial updates include guidance on net income per diluted share and revenue for the upcoming fiscal year, reflecting the company's forward-looking strategy. Furthermore, the report highlights significant capital allocation decisions. Harris Corporation's Board of Directors approved a substantial new $1 billion share repurchase program, indicating management's confidence in the company's valuation and a commitment to returning capital to shareholders. This program replaces a previous one with remaining authorization and signals an aggressive approach to buybacks, with a near-term expectation of repurchasing $500 million in shares by the end of calendar year 2011. The company also increased its quarterly cash dividend, further enhancing its appeal to income-focused investors.
Key Highlights
- 1Harris Corporation reported its results for the fourth quarter and full fiscal year 2011.
- 2The company provided updated guidance for fiscal year 2012, including expected net income per diluted share and revenue.
- 3A new $1 billion share repurchase program was approved by the Board of Directors.
- 4The new share repurchase program replaces a prior program with approximately $200 million in remaining authorization.
- 5Management expects to repurchase up to $500 million in shares by the end of calendar year 2011 under the new program.
- 6The quarterly cash dividend rate was increased to $0.28 per share from $0.25 per share.
- 7The company utilizes and discusses non-GAAP financial measures, such as Adjusted EBITDA, to provide additional insights into performance, adjusted for acquisition-related costs.