Harris Q3 Profit Beats Estimates

reported upbeat earnings for the fiscal third quarter. The Melbourne, Florida-based company posted a quarterly profit of $125.7 million, or $1.20 per share, versus a year-ago profit of $141.4 million, or $1.31 per share. Excluding items, the company earned $1.32 per share. Its revenue slipped to $1.19 billion from $1.27 billion. However, analysts were expecting a profit of $1.25 per share on revenue of $1.21 billion. The average estimate among 4 Estimize users was for earnings of $1.26 per share and revenue of $1.23 billion. Revenue in the company's communications business dropped to $451 million from $457 million, while revenue in its government communications systems business fell to $455 million from $477 million. Revenue in the company's integrated networks solutions business dipped 14 percent to $299 million in the quarter. Orders climbed to $1.21 billion in the quarter, compared to $1.11 billion, a year ago. "We had solid performance in the third quarter and expect good operating results for the full fiscal year," said William M. Brown, chairman, president and chief executive officer. "Our acquisition of Exelis is progressing with debt financing now in place and at favorable terms. And while we received a second request from the Department of Justice in connection with anti-trust clearance, we continue to expect the transaction to close in June." The company reaffirmed its guidance for the full year. Harris projects full-year earnings of $5 to $5.10 per share. Harris shares rose 0.02 percent to close at $80.47 yesterday.