Earnings Call Harris Corp.

Here are some highlights from today’s earnings call from Harris ($HRS):

Operating income was $64 million and operating margin was strong at 15.5%, as a result of very good program performance.

Turning to Slide 8. Free cash flow was strong at $139 million versus $77 million last year, and capital expenditures were $33 million compared to $44 million in the prior year.

During the quarter, we repurchased about 1.7 million shares of our common stock for a total cash outlay of $100 million, and our effective tax rate for the quarter was 32.2%.

Moving to Slide 9. Fiscal 2014 guidance remains unchanged at a range of $4.65 to $4.85 per diluted share for our income from continuing operations, and a revenue decline of 1% to 3% compared to the prior year. We’ve also made no changes to segment information, which is detailed on this slide.

It sounds a little dull, but I like to hear companies say that guidance is unchanged. That just means they’re executing as expected. That’s good news.

Posted by on October 29th, 2013 at 1:08 pm

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