MELBOURNE, Fla. (AP) — Harris Corp. said Tuesday that it overcame a decline in government spending and swung to quarterly net income of $125.8 million, versus a loss of a year ago when it took a big hit from discontinued operations.
Revenue fell 5.5 percent — the decline among government accounts was 9 percent due largely to weak defense spending and changes in a NOAA weather program. Harris said that previous restructuring moves helped produce results despite tight government spending.
The communications and information technology company stood by its forecast of adjusted full-year earnings between $4.65 and $4.85 per share on a revenue decline of 1 percent to 3 percent.
Harris said that net income in its fiscal first quarter, which ended Sept. 27, worked out to $1.16 per share. That compared with a year-ago loss of $85.8 million, or 76 cents per share. Excluding discontinued operations, the company said it earned $1.18 per share, up from $1.14 per share a year earlier, when the diluted share count was 4.7 percent higher.
Revenue fell to $1.19 billion from $1.26 billion, as sales declined in all three of its major business segments.
Analysts surveyed by FactSet expected the company to earn $1.13 per share on revenue of $1.22 billion.
The shares have risen 21 percent this year. They closed Monday at $59.40.
Outpatient ROBOTIC HYSTERECTOMY. Trust an experienced Robotic Surgeon.