Harris Corp. ( HRS ) recently announced that it has won orders worth $9 million from the U.S. Department of Defense (DoD). Harris will be responsible for the army's Soldier Radio Waveform (SRW) upgradation.
Application of SRW (an open-standard voice and data waveform) will help to connect battlefield networks with the tactical edge. In order to slash development costs as well as to boost the operation and management of the SRW network, Harris will integrate applications to SRW platform which will make it easier and faster to port the SRW software to a wide range of radios.
Recently, Harris Corp. reported first-quarter 2014 financial results, where the bottom line outpaced the Zacks Consensus Estimate but the top line missed it. Total orders generated during the quarter were worth $1.20 billion. During the quarter, Tactical Radio Communications business contributed $225 million. Total order backlog in the Tactical Radio Communications segment was $664 million
Harris currently carries a Zacks Rank #3 (Hold).
Thus, we believe that such contract wins will not only drive the company's top-line growth but will also consolidate its position against larger industry players.
Other Stocks to Consider
The stocks which are performing better in the similar sector are ShoreTel, Inc. ( SHOR ), Ubiquiti Networks, Inc. ( UBNT ) and Motorola Solutions Inc. ( MSI ). Both, ShoreTel and Ubiquiti Networks have a Zacks Rank #1 (Strong Buy) while Motorola Solutions has a Zacks Rank #2 (Buy).
Harris Corporation, based in Melbourne, FL, remains one of the leaders 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.