S&P 500 (NYSE:SPY) component Harris Corporation (NYSE:HRS) reported its results for the third quarter. Harris Corp. is an international communications and information technology company serving commercial markets and government.
Harris Earnings Cheat Sheet for the Third Quarter
Results: Net income for the communication equipment company fell to $139.5 million ($1.09/share) vs. $166.2 million ($1.27/share) a year earlier. A decline of 16.1% from the year earlier quarter.
Revenue: Rose 6.3% to $1.41 billion YoY.
Actual vs. Wall St. Expectations: HRS reported adjusted net income of $1.16/share. By that measure, the company was about in line with expectations as the mean analyst estimate of $1.15/share. Estimates ranged from $1.08 per share to $1.19 per share.
Quoting Management: “Harris continued to deliver solid results in the fiscal third quarter, in spite of slowing U.S. Government spending and a difficult comparison to the prior-year third quarter. Operating margins continued to be strong in both the RF Communications and Government Communications Systems segments,” said Howard L. Lance, chairman, president and chief executive officer. “Our new Integrated Network Solutions segment is well positioned to deliver future revenue growth and margin expansion as we expand into attractive commercial markets including healthcare, energy, new media, cloud computing, and IT services. We are taking our proven products and capabilities to markets where advanced communications and information technologies are in high demand. Despite some headwinds, we remain confident that we will enter fiscal 2012 with good momentum and deliver continued growth in revenue and earnings.”
Key Stats: Over the last five quarters, revenue has increased 26.5% on average year over year. The biggest increase came in the fourth quarter of the last fiscal year, when revenue rose 93.6% from the year earlier quarter.
Competitors to Watch: ViaSat, Inc. (NASDAQ:VSAT), EMS Technologies, Inc. (NASDAQ:ELMG), Motorola Solutions Inc (NYSE:MSI), Comtech Telecomm. Corp. (NASDAQ:CMTL), ITT Corporation (NYSE:ITT), Globecomm Systems, Inc. (NASDAQ:GCOM), SeaChange International (NASDAQ:SEAC), Avid Technology, Inc. (NASDAQ:AVID), Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC), and Technicolor S.A. (NYSE:TCH)
Stock Performance: Shares of HRS are up close to 2% in after hours trading.