Harris Earns $1.14 Per Share

By the way, we did have one earnings report today. Harris Corp. ($HRS) said that quarterly revenue dropped from $1.34 billion to $1.26 billion. For the quarter, Harris earned $138 million or $1.14 per share. That beat Wall Street’s estimate by two cents per share.

“Harris first quarter results were solid in a challenging government spending environment,” said William M. Brown, president and chief executive officer. “We were awarded a number of large contracts in both RF Communications and in Government Communications Systems, and revenue in Government Communications Systems increased 5 percent over the prior year. First quarter operating performance was positive with operating margin flat compared to the prior year, despite lower revenue and higher R&D investment. Harris generates strong free cash flow, and in the first quarter we increased the dividend by 12 percent, the second increase this calendar year.”

The most important news is that Harris is sticking by its full-year guidance of $5.10 to $5.30 per share. If the next three quarters are like the first, Harris should have no trouble hitting that target.

Posted by on October 29th, 2012 at 8:11 pm

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