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Earnings Beat at Harris Corporation (HRS) in Q1

Harris CorporationHRS , based in Melbourne, FL, leading supplier of communications equipment and services. The company has brought about a transformation pertaining to communications and information technology.

The company has a healthy track record with respect to earnings. The company has delivered positive earnings surprises in each of the last four quarters, with an average beat of 4.04%.

Zacks Rank : Currently, Harris Corporation has a Zacks Rank # 3 (Hold) but that could change following the company's earnings report which was just released. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

We have highlighted some of the key stats from this just-revealed announcement below:

Earnings : Harris Corporation's adjusted earnings of $1.39 per share in the first quarter of fiscal 2017 (ended Sep 30, 2016) beating the Zacks Consensus Estimate of $1.35 per share.

HARRIS CORP Price and EPS Surprise

HARRIS CORP Price and EPS Surprise | HARRIS CORP Quote

Revenue : Revenues in the first quarter came in at $1.75 billion beating the Zacks Consensus Estimate of $1.73 billion. Revenues declined 3.3% from the year-ago figure.

Key Stats : The company still expects earnings per share (on an adjusted basis) in fiscal 2017 in the band of $5.70 to $5.90. The Zacks Consensus Estimate for fiscal 2017 currently stands at $5.73 per share, well within the guidance range. The company still projects fiscal 2017 revenues in the band of $7.11 billion to $7.33 billion. The Zacks Consensus Estimate currently stands at $7.24 billion for fiscal 2017, well within the guidance range. The company has inked a deal worth $425 million to sell its CapRock Communications business. Harris intends to utilize the proceeds from the deal, expected to close in first calendar quarter of 2017, to reduce its debt and in shareholder-friendly activities.

Check back later for our full write up on this Harris Corporation earnings report later!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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