Harris Sees FY18 Earnings Below View - Quick Facts

(RTTNews) - Harris Corp. (HRS), a technology innovator, Tuesday said it expects fiscal 2018 income from continuing operations in a range of $5.85 to $6.05 per share. The initial guidance for fiscal 2018 revenue is in a range of $6.02 billion to $6.14 billion, up 2 percent to 4 percent from fiscal 2017.

On average, analysts polled by Thomson Reuters expect earnings of $6.07 per share on revenues of $6.07 billion for the year. Analysts' estimates typically exclude special items.

In fiscal 2017, the company's income from continuing operations on a reported basis was $5.12 per share, and adjusted basis was $5.53 per share. Revenues for the year were $5.90 billion.

Further, Harris said it expects fiscal 2018 free cash flow in a range of $850 - 900 million.

William Brown, chairman, president and chief executive officer, said, "Our fiscal 2017 performance, including higher revenue and strong orders in the fourth quarter, positions us well for returning to growth in fiscal 2018 and accelerating in the medium term. We enter the year at an inflection point, with positive momentum and a continued focus on generating organic growth, driving flawless execution, maintaining margins through operational excellence, and deploying capital in a balanced manner."