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Harris reports 3Q net loss due to charge

Associated Press Published: May 1, 2012

MELBOURNE, Fla. (AP) — Harris Corp., an information technology products and services provider, reported a net loss for its fiscal third quarter because of a large charge related to its broadcast communications business which it plans to sell.

Harris sells tactical radio communications systems used by military, government and commercial organizations. It also provides information technology services to government and other customers.

The company reported Tuesday that it had a net loss of $353.2 million, or $3.15 per share, for the three months that ended on March 30. It reported earnings of $139.5 million, or $1.09 per share, a year earlier.

The latest quarter's results included a charge of $407 million, or $3.62 per share, for a writedown related to the broadcast communication business. The company approved a plan to sell the business after the quarter ended.

Adjusted earnings, without the charge, were $1.39 per share. That topped Wall Street's expectations for earnings of $1.34 per share, on average, according to a survey by FactSet.

Revenue rose 4 percent to $1.48 billion from $1.41 billion. Analysts expected revenue of $1.47 billion.

Harris narrowed its full-year adjusted earnings guidance to a range of $5.15 to $5.25 per share from its earlier forecast of $5.10 to $5.30 per share. Analysts expected $5.18 per share, on average.

Its shares slid $1.04, or 2.3 percent, to $44.50 in trading Tuesday. Its shares peaked almost a year ago at $53.08 per share. Its shares are 36 percent above their 52-week low of $32.68 set last October.


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