Harris Corporation (HRS), a leading supplier of communications equipment and services, won an 18-month follow-on contract from The Boeing Company (BA) to supply ka-band antennas to the fourth Inmarsat Global Xpress satellite. The deal was announced at the SATELLITE 2014 Conference and Exhibition held in Washington, D.C.
As per the deal, Harris will supply Boeing with antennas which will help in transferring signals from an Inmarsat satellite in orbit through wireless connectivity from deep sea vessels to airline passengers. The global express network is expected to deliver worldwide coverage by the end of this year. Notably, Harris has provided antennas to the previous three Inmarsat Global Xpress Satellites.
Another encouraging announcement at the conference informed that Harris’ Automatic Dependent Surveillance-Broadcast (ADS-B) 1090 Extended Squitter receiver payload has qualified for operations in space.
Harris has already won $234 million worth of tactical radio contracts globally in the past few months. Notably, more than 45,000 radios have been sent to the U.S. Department of Defense and allied forces in more than 15 countries.
In the first quarter of fiscal 2014, Harris reported mixed financial results with the bottom line beating the Zacks Consensus Estimate but the top line missing the same. In the reported quarter, the RF Communications segment generated orders worth $348 million of which 65% was generated from the Tactical Radio Communications unit. Moreover, the total order backlog in the Tactical Radio Communications division amounted to $664 million.
Harris currently carries a Zacks Rank #2 (Buy).
Other Stocks to consider
Other better-ranked stocks in the wireless equipment industry include Juniper Networks, Inc. (JNPR) and ShoreTel, Inc. (SHOR). Both the stocks carry a Zacks Rank #1 (Strong Buy).
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment