News Column

Harris Corp. posts mixed quarter for Wall Street

January 28, 2014

By Richard Burnett, Orlando Sentinel

Jan. 28 --Citing lower sales to the U.S. government, Melbourne -based Harris Corp. posted lower quarterly revenue and profit Tuesday, generating mixed results for Wall Street . The electronics and communications company earned $137 million , or $1.27 a share, in its latest quarter, a decrease of 3.5 percent from the year-earlier period. Revenue declined 5.4 percent to $1.22 billion . Figures were for the company's second quarter that ended Dec. 27 . Harris' earnings-per-share beat the consensus Wall Street forecast of $1.18 per share, but fell short of analysts' revenue estimate of $1.24 billion , according to Thomson Reuters. Harris' Government Communications Systems unit, based in Palm Bay , posted operating income of $66 million on sales of $433 million , an increase of 1.2 percent. It was the only sector to increase sales in the quarter. Sales fell 6.4 percent to $455 million at RF Communications , based in Rochester, N.Y. ; and 9.2 percent to $366 million at its Integrated Network Solutions, based in Washington . Harris said its latest quarter was affected by tighter defense spending and less government-related revenue in general. The company expects its overall revenue to decrease 1 percent to 3 percent in 2014. But the company also raised its 2014 profit forecast to between $4.80 and $4.90 a share from the earlier guidance of $4.65 to $4.85 a share. It cited nearly $1.5 billion of new orders in the second quarter, up 8 percent from the year-earlier quarter. ___ rburnett@tribune.com or 407-420-5256 ___ (c)2014 The Orlando Sentinel (Orlando, Fla.) Visit The Orlando Sentinel (Orlando, Fla.) at www.OrlandoSentinel.com Distributed by MCT Information Services


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Source: Orlando Sentinel (FL)


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