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Harris Corporation ( HRS - Analyst Report ) , a leader in the public safety and professional communication market, received an order worth $19 million from U.S. Department of Veteran Affairs Office of Information and Technology. The two-year contract entails Harris to build a wireless network infrastructure for healthcare mobility across the nationwide Veteran Affairs centre.
Per the terms of the deal, Harris will design, install, validate and provide training needed for a secure wireless infrastructure, which will help the Veteran Affairs office to have access to voice, video and essential data whenever it requires. The company will execute the order along with sub-contractors Synaptek Corporation and TL Services Inc. to 26 customer sites and will be one of the largest healthcare mobility infrastructure deployments in the world.
Recently, Harris Corporation declared its third quarter 2012 financial results with both revenue and EPS surpassing the Zacks Consensus Estimate. In the reported quarter, the Integrated Network Solution segment -- which includes IT, Cyber, Healthcare and Broadcast divisions -- generated revenues of $499.6 million, up almost 8% year over year.
The wireless network contract for the Veteran Affairs office is the second order for the company in almost a month after it won a $1.2 million contract to help the department of Veteran Affairs Health Eligibility Center reduce its costs. We believe that the latest deal will help Harris Corporation to consolidate its healthcare divisions amid current economic uncertainty around the world.
However, despite winning consistent contracts along with a strong order book, Harris faces stiff competition from companies like Boeing Co. ( BA - Analyst Report ) , General Dynamics Corp. ( GD - Analyst Report ) and Raytheon Co. ( RTN - Analyst Report ) , which also provide high-end public safety communication systems.
We are maintaining our long-term Neutral recommendation on Harris Corporation. Currently Harris Corporation has a Zacks #3 Rank, implying a short-term hold rating on the stock.
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