Communication technology company Harris Corp. (HRS - Analyst Report) recently received a contract worth $15.2 million from the Department of Defense in Australia. Per the contract, Harris will deliver Falcon III AN/PRC-152(C) multiband multimode radios in different military vehicles.
Moreover, the company will also provide training and support to the Australian military force to properly deploy as well as maintain these tactical radios in the vehicles.
In the beginning of fiscal 2012, Harris received a massive deal worth $235 million from the Australian Department of Defense to upgrade the tactical radio programme of their military service.
Presently, Harris is expressing more interest in expanding its international presence by supplying its technology to emerging economies like Brazil, Russia, India, and China as well as Latin American, Asia-Pacific, and Africa regions. Currently, the company has a sustainable and diversified product pipeline with a potential market size of $15 billion.
As a leading government electronics supplier, Harris is benefiting from strong international market conditions. In fact, the emerging economies like Brazil, Russia, India and China together with Latin American, Asia-Pacific and African regions paved the way for the company’s growth over the long term. Harris has a sustainable and diversified product pipeline with a potential market size of $15 billion.
In the earlier quarter, Harris generated new orders worth $183 million in the Tactical Radio Communications business. The company ended the second quarter of fiscal 2012 with a total order backlog of $581 million. For the ongoing quarter, the company has already generated orders more than $400 million in the Tactical Radio Communications segment, including the massive deal signed with the Australian Department of Defense.
Despite consistently winning new contracts and huge order back log the company remains exposed to 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.
Currently, Harris Corporation has a Zacks #3 Rank, implying a short-term Hold rating on the stock.
Harris Corporation, based in Melbourne, Florida, remains one of the leader in the public safety and professional communication market and boasts products ranging from industry leading multi-band, multi-mode radios, public safety-grade broadband voice, video and data solutions.