Harris Corp. Q3 Profit Down - Quick Facts

(RTTNews) - Harris Corp. (HRS) reported that its net income attributable to the company for the third quarter of fiscal 2015 declined to $125.7 million from the prior year's $141.4 million, with earnings per share decreasing to $1.20 from $1.31 last year.

Income from continuing operations for the latest-quarter was $126 million, or $1.20 per share on a GAAP basis and $139 million, or $1.32 per share on a non-GAAP basis, excluding acquisition-related costs. Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.

Orders in the third quarter were $1.21 billion compared with $1.11 billion in the prior year.

Quarterly revenue declined to $1.19 billion from $1.27 billion in the prior year. Wall Street expected revenues of $1.21 billion.

Harris reiterated its increased fiscal 2015 guidance announced April 21 for non-GAAP income from continuing operations per share from a range of $4.95 to $5.05 to a range of $5.00 to $5.10 and updated revenue guidance from a decline in a range of 1 to 3 percent to a decline of about 4 percent. Wall Street currently is looking for fiscal year 2015 earnings of $5.03 per share on annual revenues of $4.85 billion.

Fiscal 2015 non-GAAP guidance does not include any impact from the pending acquisition of Exelis. Fiscal 2015 GAAP results would include potential post-closing revenue and income attributable to Exelis, increased share count from the transaction, and acquisition-related costs that are expected to be in a range of $270 million to $290 million.