Harris Earns $1.18 per Share

Nice earnings beat for Harris ($HRS) this morning. For its fiscal Q1, the company earned $1.18 per share which was five cents more than expectations. Quarterly revenues dropped 5.5% to $1.19 billion which was $30 million below consensus.

Harris also reaffirmed their guidance for this year (their fiscal year ends in June). They see full-year earnings ranging between $4.65 and $4.85 per share. Wall Street expects $4.74 per share.

The company generated free cash flow (net cash provided by operating activities less capital expenditures) of $139 million in the first quarter compared with $77 million in the prior year. Free cash flow was 109 percent of income from continuing operations.

“First quarter operating performance provided a positive start to our fiscal year,” said William M. Brown, president and chief executive officer. “Previous restructuring actions together with our continuing progress on operational excellence allowed us to post solid results in the quarter, despite the tough government spending environment.”

HRS has been as high as $61.94 this morning which is up 4.3% from yesterday’s close. The stock is currently off its high.

AFLAC ($AFL) and Fiserv ($FISV) are due to report after the closing bell.

Posted by on October 29th, 2013 at 9:51 am


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