Posts Tagged ‘HRS’

  • Harris Raises Dividend
    , August 27th, 2012 at 10:52 am

    More good news for our Buy List this morning. Harris ($HRS) just announced a 12% dividend increase. The quarterly dividend is rising from 33 to 37 cents per share. Going by Friday’s close, the stock yields 3.18%.

  • Harris Earns $1.42 Per Share
    , July 31st, 2012 at 11:02 am

    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.

  • Harris Earns $1.39 Per Share
    , May 1st, 2012 at 8:47 am

    Harris Corp had news-filled earnings report. Let’s start with the good news. The company reported earnings of $1.39 per share which was six cents more than expectations.

    Harris also narrowed its full-year guidance by five cents at each end. The new range is $5.15 to $5.25 per share. The bad news is that they lowered their 2012 revenue guidance from $6 billion to $5.45 billion. Harris offered initial EPS guidance for 2013 of $5.10 to $5.30 which isn’t very impressive.

    Harris said that it will sell its broadcast business in an effort to focus on core businesses that won’t be impacted by lower defense spending. This is a smart move since the broadcast business has been a drag on earnings for Harris.

    The divestiture will result in at $407 million after tax charge to the company, which resulted in a reported loss of $255 million in the third quarter.

    “The decision to divest Broadcast Communications resulted from a thorough review of our business portfolio, which determined that the business is no longer aligned with the company’s long-term strategy,” said William M. Brown, president and chief executive officer. “The plan to sell these assets supports our disciplined approach to capital allocation, and we intend to use the proceeds to return cash to shareholders and invest in growing our core businesses.”

  • Harris Corp Raises Dividend 18%
    , February 27th, 2012 at 10:22 am

    Good news from Harris Corp. ($HRS). The company raised its quarterly dividend from 28 cents per share to 33 cents per share. The company also said that it’s raising its payout ratio target from 20% to 25%.

    The annual dividend rate is $1.32 per share. Going by Friday’s close, the stock now yields 3.09%. Using the company’s target rate of 25%, $1.32 per share implies total earnings of $5.33. Wall Street currently expects Harris to earn $5.35 per share for the fiscal year ending in June 2013. The stock is currently going for eight times that.

  • Harris Beats By Three Cents
    , January 31st, 2012 at 10:47 am

    Today is a big earnings day for us. AFLAC ($AFL) and CR Bard ($BCR) report after the close. This morning, Harris Corp ($HRS) reported earnings of $1.22 per share which was three cents better than estimates. The December quarter is the second quarter of Harris’ fiscal year.

    “Harris posted solid second quarter results with earnings per share in line with the prior year, despite orders and revenue being dampened by the constrained government spending environment,” said William M. Brown, president and chief executive officer. “The sequential increase in operating income for the company, driven by operating margin improvement in all of our segments, was encouraging. Cash flow from operations increased significantly compared to the previous quarter and the prior year, supporting expectations for strong cash flow again this year.”

    This is a good earnings report from Harris. The only sour note, and it’s not a biggie, was the company’s revenue guidance for the entire year. Harris now sees revenues ranging between $6 billion and $6.2 billion. Wall Street had been expecting slightly more, $6.15 billion to $6.3 billion.

    On the plus side, Harris sees full-year EPS ranging between $5.10 and $5.30. That’s not bad at all. The Street had been expecting $5.07 per share. The stock is up nicely today. It’s currently over $40 per share which is still less than eight times this year’s earnings.