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Harris (HRS) Beats on Q3 Earnings & Sales, View Adjusted
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Harris Corporation reported third-quarter fiscal 2017 earnings (on an adjusted basis) of $1.38 per share, which beat the Zacks Consensus Estimate by 7 cents. Quarterly earnings declined 4.83% on a year-over-year basis.
Revenues in the third quarter came in at $1,489.0 million and also beat the Zacks Consensus Estimate of $1,467.2 million. However, the figure declined from the year-ago quarter.
Cost of product sales and services in the reported quarter was $964 million, compared with $1,009 million in the prior-year quarter. Engineering, selling & administrative expenses totaled $250 million in the quarter under review, as compared with $273 million in the third quarter of fiscal 2016.
Segmental Performance
Revenues at the Communication Systems segment came in at $461 million in the quarter, down 5%. Lower volumes hurt the results. Segmental operating income declined to $141 million due to lower volumes.
Revenues at the Space and Intelligence Systems unit were $475 million, down 2.86%. Results were hurt by lower revenues from environmental and space programs. Operating income for the segment was $76 million, up 1.33%.
Revenues at the Electronic Systems unit totaled $553 million, down 3.83%. Segmental operating income was $115 million, up 3.60%.
At the end of the reported quarter, the company had cash and cash equivalents of $302 million, compared with $487 million at the end of fiscal 2016. Total long-term debt at the end of fiscal third quarter was $3,859 million, compared with $4,120 million at the end of fiscal 2016.
View Tweaked
The company now expects earnings per share (on an adjusted basis) for fiscal 2017 in the band of $5.50 to $5.55 (old guidance: $5.40 to $5.60). The Zacks Consensus Estimate for fiscal 2017 earnings stands at $5.54 per share.
The company expects fiscal 2017 revenue (on an organic basis) to decline of 1% year over year, as compared to the previous guidance of flat to down 2%, excluding $60 million of prior-year revenues from the divested Aerostructures business. The Zacks Consensus Estimate for fiscal 2017 revenues stands at $5.83 billion.
Harris Corporation Price, Consensus and EPS Surprise
Harris currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the wireless equipment sector are PC-Tel , Motorola Solutions (MSI - Free Report) and Sonus Networks . While PC-Tel sports a Zacks Rank #1 (Strong Buy), Motorola and Sonus carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of PC-Tel, Motorola and Sonus gained over 46%, 3% and 23%, respectively, on a year-to-date basis.
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Harris (HRS) Beats on Q3 Earnings & Sales, View Adjusted
Harris Corporation reported third-quarter fiscal 2017 earnings (on an adjusted basis) of $1.38 per share, which beat the Zacks Consensus Estimate by 7 cents. Quarterly earnings declined 4.83% on a year-over-year basis.
Revenues in the third quarter came in at $1,489.0 million and also beat the Zacks Consensus Estimate of $1,467.2 million. However, the figure declined from the year-ago quarter.
Cost of product sales and services in the reported quarter was $964 million, compared with $1,009 million in the prior-year quarter. Engineering, selling & administrative expenses totaled $250 million in the quarter under review, as compared with $273 million in the third quarter of fiscal 2016.
Segmental Performance
Revenues at the Communication Systems segment came in at $461 million in the quarter, down 5%. Lower volumes hurt the results. Segmental operating income declined to $141 million due to lower volumes.
Revenues at the Space and Intelligence Systems unit were $475 million, down 2.86%. Results were hurt by lower revenues from environmental and space programs. Operating income for the segment was $76 million, up 1.33%.
Revenues at the Electronic Systems unit totaled $553 million, down 3.83%. Segmental operating income was $115 million, up 3.60%.
At the end of the reported quarter, the company had cash and cash equivalents of $302 million, compared with $487 million at the end of fiscal 2016. Total long-term debt at the end of fiscal third quarter was $3,859 million, compared with $4,120 million at the end of fiscal 2016.
View Tweaked
The company now expects earnings per share (on an adjusted basis) for fiscal 2017 in the band of $5.50 to $5.55 (old guidance: $5.40 to $5.60). The Zacks Consensus Estimate for fiscal 2017 earnings stands at $5.54 per share.
The company expects fiscal 2017 revenue (on an organic basis) to decline of 1% year over year, as compared to the previous guidance of flat to down 2%, excluding $60 million of prior-year revenues from the divested Aerostructures business. The Zacks Consensus Estimate for fiscal 2017 revenues stands at $5.83 billion.
Harris Corporation Price, Consensus and EPS Surprise
Harris Corporation Price, Consensus and EPS Surprise | Harris Corporation Quote
Zacks Rank & Key Picks
Harris currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the wireless equipment sector are PC-Tel , Motorola Solutions (MSI - Free Report) and Sonus Networks . While PC-Tel sports a Zacks Rank #1 (Strong Buy), Motorola and Sonus carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of PC-Tel, Motorola and Sonus gained over 46%, 3% and 23%, respectively, on a year-to-date basis.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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