MELBOURNE, Fla.--(BUSINESS WIRE)--The Board of Directors of Harris Corporation (NYSE:HRS) has increased the quarterly cash dividend by 20 percent from 57 cents per share to 68.5 cents per share and declared a quarterly cash dividend of 68.5 cents per share, payable September 21, 2018, to shareholders of record on September 7, 2018. The annualized cash dividend correspondingly increases from $2.28 per share to $2.74 per share. The action represents the company’s 17th consecutive annual dividend increase.
“The 20 percent dividend increase reflects our continuing ability to generate strong free cash flow and commitment to drive value for our shareholders,” said William M. Brown, chairman, president and chief executive officer. “Our strong positions in core franchises, differentiated technologies that align with customers’ critical missions, well-funded budgets and focus on operational excellence give us confidence in our long-term outlook.”
About Harris Corporation
Harris Corporation is a leading technology innovator, solving customers’ toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports government and commercial customers in more than 100 countries and has approximately $6 billion in annual revenue. The company is organized into three business segments: Communication Systems, Electronic Systems and Space and Intelligence Systems. Learn more at harris.com.
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the company’s financial position and outlook are forward-looking and involve risks and uncertainties. The declaration of dividends and the amount thereof will depend on a number of factors, including the company’s financial condition, capital requirements, cash flow, results of operations, future business prospects and other factors. There can be no assurances that the company’s annualized cash dividend rate will continue to increase. Other factors that may impact the company's results and forward-looking statements may be disclosed in the company's filings with the SEC. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.