Harris Corp. Q2 Net Profit Soars; Ups FY14 Earnings View - Quick Facts

(RTTNews) - Harris Corp.'s (HRS) second-quarter net income attributable to the company surged to $136.2 million, or $1.26 per share, from $48.5 million, or $0.43 per share, last year. Income from continuing operations of $1.27 per share, was higher than the previous year's $1.25 per share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $1.18 for the quarter. Analysts' estimates typically exclude one-time items.

For the quarter, revenue from product sales and services reached $1.22 billion, down from the prior-year figure of $1.29 billion. Nine analysts estimated revenues of $1.24 billion for the quarter. Orders in the latest quarter came in at $1.47 billion, compared with $1.36 billion a year before and book-to-bill for the company was 1.20.

For fiscal 2014, Harris raised its income from continuing operations' guidance from a range of $4.65 - $4.85 per share to a range of $4.80 - $4.90 per share, while revenue forecast remained the same from an anticipated decline of 1 to 3 percent year-on-year. Ten analysts project annual earnings of $4.81 per share.