Harris Corp. Lifts 2018 Outlook

(RTTNews) - Harris Corp. (HRS) said it updated its guidance for fiscal 2018, as a result of the company's strong first half performance and benefits from tax reform.

"In the first half, revenue and orders were up in all segments, and company book-to-bill was a robust 1.3. As a result of our strong performance and improved revenue outlook despite a lengthened continuing resolution, as well as benefits from tax reform, we have increased EPS guidance for the fiscal year," said William Brown, chairman, president and chief executive officer.

The company now expects revenue for 2018 to be in a range of $6.08 billion - $6.14 billion, up 3% - 4% from fiscal 2017. It is tightened from previous guidance of $6.02 billion- $6.14 billion, up 2% - 4%.

The company projects GAAP earnings per share from continuing operations for 2018 to be in a range of $5.78 - $5.98 and non-GAAP EPS from continuing operations in a range of $6.30 - $6.50, an increase from previous guidance of $5.85 - $6.05 GAAP and non-GAAP.

It expects to repurchases $200 million of shares, up $50 million from previous guidance.

Analysts polled by Thomson Reuters expect the company to report earnings of $6.08 per share and revenues of $6.09 billion for fiscal year 2018. Analysts' estimates typically exclude special items.