Harris Corp. Backs FY Outlook - Quick Facts

(RTTNews) - Harris Corp. (HRS) said it reiterated guidance for fiscal 2017 for GAAP net income in a range of $5.53 to $5.73 per share and for non-GAAP net income in a range of $5.70 to $5.90 per share, excluding acquisition-related integration charges. Guidance for fiscal 2017 revenue is unchanged in a range of $7.11 billion to $7.33 billion.

Analysts polled by Thomson Reuters expect the company to report earnings of $5.78 per share and revenues of $7.24 billion for fiscal year 2017. Analysts' estimates typically exclude special items.

Harris reported revenue in the first quarter of fiscal 2017 of $1.75 billion compared with $1.81 billion in the prior year, down 3 percent on a reported basis and 2 percent on an organic basis, excluding prior-year revenue attributable to the divested Aerostructures business.

GAAP net income was $160 million, or $1.27 per share, compared with $148 million, or $1.18 per diluted share, in the prior year. Non-GAAP net income, excluding acquisition-related charges, was $175 million, or $1.39 per diluted share, compared with $163 million, or $1.31 per diluted share, in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share and revenues of $1.74 billion.