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Harris Corp (HRS) Completes CapRock Communication Sale
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Harris Corp. announced that the company has completed the sale of its CapRock Communications commercial segment to Speedcast International. Speedcast provides network and satellite communication globally. Harris has raised $425 million from this deal, which will be used to reduce its debt and reward shareholders as well. The CapRock business is a leading global provider of managed satellite, terrestrial and wireless communications solutions to industries such as cruise and energy.
This transaction is anticipated to boost Harris’ bottom line moving ahead, as the company had been struggling to improve CapRock’s business performance. CapRock was part of Harris’ Critical Networks segment, which accounted for 30% of the company’s top line in first-quarter fiscal 2017.
The company had also completed another sale, in early 2016, by selling its Aerostructures business to Albany International Corp., for an enterprise value of $210 million. The deal was aimed at enhancing the operating efficiency of Harris as well as optimizing its business portfolio.
Harris has been consistently focusing on business innovation, in a bid to deliver some of the best technology and products in the industry. The company has also won several noteworthy contracts in 2016. Despite stiff competition from peers, including ARC Group World , Clearfield Inc (CLFD - Free Report) , and Comtech Telecom (CMTL - Free Report) , Harris has been one of the key players in the industry.
The company has impressively outperformed the broader Zacks categorized Wireless Equipment industry for the past three months. Shares of Harris gained 12.28%, while the industry declined 3.68% over the same period.
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Harris Corp (HRS) Completes CapRock Communication Sale
Harris Corp. announced that the company has completed the sale of its CapRock Communications commercial segment to Speedcast International. Speedcast provides network and satellite communication globally. Harris has raised $425 million from this deal, which will be used to reduce its debt and reward shareholders as well. The CapRock business is a leading global provider of managed satellite, terrestrial and wireless communications solutions to industries such as cruise and energy.
This transaction is anticipated to boost Harris’ bottom line moving ahead, as the company had been struggling to improve CapRock’s business performance. CapRock was part of Harris’ Critical Networks segment, which accounted for 30% of the company’s top line in first-quarter fiscal 2017.
The company had also completed another sale, in early 2016, by selling its Aerostructures business to Albany International Corp., for an enterprise value of $210 million. The deal was aimed at enhancing the operating efficiency of Harris as well as optimizing its business portfolio.
Harris has been consistently focusing on business innovation, in a bid to deliver some of the best technology and products in the industry. The company has also won several noteworthy contracts in 2016. Despite stiff competition from peers, including ARC Group World , Clearfield Inc (CLFD - Free Report) , and Comtech Telecom (CMTL - Free Report) , Harris has been one of the key players in the industry.
Zacks Rank
Harris Corp. holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company has impressively outperformed the broader Zacks categorized Wireless Equipment industry for the past three months. Shares of Harris gained 12.28%, while the industry declined 3.68% over the same period.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>