Harris Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Harris (NYSE:HRS) will unveil its latest earnings tomorrow, Tuesday, January 29, 2013. Harris Corporation is an international communications and information technology company serving commercial markets and government.

Harris Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of $1.20 per share, a decline of 1.6% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from $1.23. Between one and three months ago, the average estimate moved down. It has been unchanged at $1.20 during the last month. Analysts are projecting profit to rise by 1% compared to last year’s $5.15.

Past Earnings Performance: The company topped forecasts last quarter after being in line with estimates the quarter prior. In the first quarter, it reported net income of $1.14 per share versus a mean estimate of $1.12. Two quarters ago, it reported profit of $1.42 per share.

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A Look Back: In the first quarter, the company swung to a loss of $85.8 million (76 cents a share) from a profit of $121.6 million ($1.01) a year earlier, but beat analyst expectations. Revenue fell 13.6% to $1.26 billion from $1.46 billion.

Here’s how Harris traded following its last earnings report 3 months ago and leading up to its upcoming earnings report this week: