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HRS: Harris Corp Earnings

From William Trent, CFA of Stock Market Beat Harris Corporation (NYSE: HRS) reported revenue for the third quarter of fiscal year 2007 increased 22 percent to $1.072 billion, compared to $881 million in the prior- year quarter. GAAP net income…

By Douglas A. McIntyre
Published May 2, 2007, 3:14am ET · 1 min read

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From William Trent, CFA of Stock Market Beat

Harris Corporation (NYSE: HRS) reported revenue for the third quarter of fiscal year 2007 increased 22 percent to $1.072 billion, compared to $881 million in the prior- year quarter. GAAP net income increased to $214.9 million or $1.52 per diluted share. Non-GAAP net income-excluding a significant gain and charges associated with the Harris Stratex Networks transaction, and charges associated with cost-reduction actions in the Broadcast Communications segment-increased to $100.5 million, or $.72 per diluted share, a 24 percent increase when compared to non-GAAP income in the prior-year quarter.

Analysts were expecting $0.70 on $1.07 billion in revenues. However, guidance for the remainder of the year and for next year failed to match consensus hopes:

Revised non-GAAP earnings guidance for fiscal year 2007 is a range of $2.77 to $2.81 per diluted share. The company also provided initial earnings guidance for fiscal year 2008, beginning June 30, 2007, of $3.20 to $3.30 per diluted share, representing an increase of approximately 17 percent.

“In fiscal year 2008, we expect to achieve revenue growth in a range of 10 to 15 percent, including the full-year contribution of Harris Stratex Networks,” [CEO Howard] Lance said.

Analysts were targeting revenue growth of 12.6% for 2008, along with EPS of $2.82 this year and $3.18 next. The company looks a bit short on all three counts.

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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