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Florida Today: Harris Corp. ends fiscal year on a ‘high note’ says company CEO

Wednesday, August 01, 2018

By Wayne T. Price

Melbourne-based Harris Corp. on Tuesday reported fiscal fourth-quarter earnings of $217 million.

The Melbourne, based company said it had net income of $1.79 per share. Earnings, adjusted to account for discontinued operations, came to $1.78 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.76 per share.

Harris posted revenue of $1.67 billion in the period, also exceeding forecasts. For the year, the company reported profit of $718 million, or $5.92 per share. Revenue was reported as $6.18 billion.

Harris expects full-year earnings to be $7.65 to $7.85 per share, with revenue in the range of $6.53 billion to $6.65 billion.

Harris shares have increased 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 5 percent. The stock has increased 31 percent in the last 12 months.

“We ended the year on a high note with strong fourth quarter results capping a successful 2018,” William M. Brown, chairman, president and chief executive officer, said in a statement announcing the earnings.

“We achieved our highest revenue growth in the last seven years with all three segments up year over year, high teens EPS growth, record free cash flow and more than half a billion dollars returned to shareholders. With a well-funded budget, solid backlog growth, strong customer relationships and a culture of operational excellence, we are well positioned to accelerate growth, increase margins and generate free cash flow in excess of $1 billion.”

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