Harris Earnings: Everything You Must Know Now

Harris Corp. (NYSE:HRS) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.

Harris Corp. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 0.7% to $1.41 in the quarter versus EPS of $1.42 in the year-earlier quarter.

Revenue: Rose 26.04% to $1.36 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Harris Corp. reported adjusted EPS income of $1.41 per share. By that measure, the company beat the mean analyst estimate of $1.15. It beat the average revenue estimate of $1.31 billion.

Quoting Management: “Fourth quarter results were solid in a tough government spending environment,” said William M. Brown, president and chief executive officer. “Performance benefited from our commitment to operational excellence and ongoing cost-reduction efforts, including restructuring actions announced in April that were executed faster than expected and generated fourth quarter cost savings. As we enter fiscal 2014, we now expect that restructuring and other actions will generate net annualized cost savings of approximately $60 million.”

Key Stats (on next page)…

Revenue increased 12.98% from $1.2 billion in the previous quarter. EPS increased 25.89% from $1.12 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.12 to a profit $1.11. For the current year, the average estimate has moved down from a profit of $4.67 to a profit of $4.66 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)