Harris Turns To Profit In Q4, Tops View; Initiates FY17 Outlook - Quick Facts

(RTTNews) - Technology company Harris Corp. (HRS) reported Tuesday that its fourth-quarter net income was $160 million, or $1.28 per share, compared to loss of $56 million or $0.51 per share.

Adjusted income from continuing operations was $183 million or $1.45 per share, compared to $148 million, or $1.32 per share last year.

On average, 8 analysts polled by Thomson Reuters expected earnings of $1.44 per share. Analysts' estimates typically exclude special items.

Harris' revenue in the fourth quarter were $1.90 billion, compared with $1.54 billion in the prior year. Analysts were looking for revenues of $1.94 billion.

Looking ahead for fiscal 2017, the company expects income from continuing operations is a range of $5.53 to $5.73 per share and adjusted income from continuing operations in a range of $5.70 to $5.90 per share. Initial guidance for fiscal 2017 revenue is a range of $7.11 billion to $7.33 billion.

Analysts expect earnings of $5.85 per share on revenues of $7.50 billion for the year.

The company said while it continues to face top-line pressure in certain markets in fiscal 2017, the long-term trends driving demand are positive.

Separately, Harris and JANA Partners announced an agreement for the future appointment of two new mutually agreed independent directors to the Harris Board of Directors. JANA is currently one of the company's top ten largest shareholders.