Harris Corp. Q4 Results Top Estimates - Quick Facts

(RTTNews) - Harris Corp. (HRS) reported that its fourth-quarter net income attributable to the company dropped to $55.5 million or $0.51 per share from the prior year's $129.1 million or $1.13 per share.

GAAP income from continuing operations was $71 million, or $0.65 per share, compared with $137 million, or $1.20 per share, in the prior year.

Non-GAAP income from continuing operations was $154 million, or $1.41 per share, down from $162 million, or $1.42 per share, in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.

Non-GAAP amounts for fiscal 2013 exclude charges of $127 million related to restructuring and other actions in the fourth quarter and for fiscal 2012 exclude acquisition-related costs.

Revenue for the quarter declined to $1.36 billion from $1.44 billion in the prior year. Eight analysts had consensus revenue estimate of $1.31 billion for the quarter.

For fiscal 2014, the company expects GAAP income from continuing operations to be in the range of $4.65 to $4.85 per share. Revenue for fiscal 2014 is expected to be about 1 to 3 percent lower compared with fiscal 2013. Analysts expect the company to report earnings of $4.62 per share and revenues of $4.99 billion for fiscal 2014.