Harris Earns $1.42 Per Share

More Buy List earnings. This morning, Harris Corp. ($HRS) reported quarterly earnings of $1.42 per share which was a penny more than estimates. This was Harris’ fiscal fourth quarter and they earned $5.20 per share for the entire year.

“Harris fourth quarter results represented a solid finish to fiscal 2012,” said William M. Brown, president and chief executive officer.

“Both income and earnings per share from continuing operations increased compared with the prior year, driven by operating improvement in all three segments and from a lower share count. Cash flow was particularly strong in the fourth quarter, contributing to excellent full year results.

“Although revenue declined as expected, orders in the quarter were higher than revenue and increased in all three segments with the strongest increase in Integrated Network Solutions. Our recent wins are encouraging as we enter a new fiscal year facing uncertainty in the government spending environment.”

The most important news today is that Harris reiterated its guidance for the current fiscal year for earnings between $5.10 and $5.30 per share. The stock is currently going for eight times earnings.

Posted by on July 31st, 2012 at 11:02 am

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