Harris Beats But Lowers Full-Year Guidance

Besides Ford Motor ($F), we had another Buy List earnings report this morning. Harris Corp. ($HRS), the communications equipment company, reported earnings of $1.25 per share for the December quarter which is the company’s fiscal second quarter. The consensus on Wall Street was for earnings of $1.20 per share. Revenue dropped from $1.31 billion to $1.29 billion.

While these results were good, the news that has me concerned is that Harris lowered its full-year guidance. Before, the company saw earnings ranging between $5.10 and $5.30 per share. Harris lowered that range by 10 cents at both ends. The company now sees earnings ranging between $5 and $5.20 per share. Harris sees revenue dropping by 2% to 4%. The previous range was flat to negative 2%. The company blamed the lower guidance on “slower government spending resulting from growing budget uncertainty.”

Shares of Harris are currently down about 2.2% today.

Posted by on January 29th, 2013 at 10:26 am


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