Harris Turns To Profit In Q1; Backs FY14 Outlook - Quick Facts

(RTTNews) - Harris Corp. (HRS) posted first-quarter net income attributable to the company of $125.8 million, or $1.16 a share, versus a loss of $85.8 million, or $0.76 a share. Income from continuing operations rose to $128 million, or $1.18 a share, from last year's $129 million, or $1.14 a share.

In the quarter, revenue from product sales and services of $1.19 billion, was lower than the prior-year figure of $1.26 billion. Orders in the first quarter totaled $1.20 billion.

On average, 10 analysts polled by Thomson Reuters expected earnings per share of $1.13, on revenues of $1.22 billion for the quarter. Analysts' estimates typically exclude one-time items.

For fiscal 2014, Harris confirmed its guidance for income from continuing operations in a range of $4.65 - $4.85 a share and for revenue declining 1 to 3 percent year-over-year. Ten analysts project annual earnings per share of $4.74.