UPDATE: Harris FQ1 Revenue Down 5.6%

Harris

posted a loss in the fiscal first quarter. Harris posted a quarterly loss of $85.8 million, or $0.76 per share, versus a year-ago profit of $121.6 million, or $1.01 per share. Excluding other items, its earnings from continuing operations came in at $1.14 per share. Its revenue dropped 5.6% to $1.26 billion. However, analysts were expecting a profit of $1.12 per share on revenue of $1.3 billion. Harris' gross margin declined to 32.8% from 33.1%. Harris shares gained 0.17% to close at $47.14 on Friday.