Communications and information technology provider Harris Corp. reported Tuesday its fiscal 2008 fourth-quarter earnings leapt nearly 39 percent on growth across most business segments, led by its tactical radio business.
The company earned $121.7 million, or 90 cents per diluted share during the three-month period ended June 27, compared to 87.6 million, or 63 cents per share, in the year-ago quarter.
Adjusted to exclude acquisition-related costs, earnings increased 34 percent to $128 million, or 95 cents per share, compared with $99 million, or 71 cents per share, in the prior-year quarter. On that basis, analysts polled by Thomson Financial were expecting earnings of 95 cents per share.
Revenue surged $1.43 billion, up nearly 19 percent, from $1.20 billion, a year earlier. Wall Street was expecting revenue of $1.43 billion in the quarter.
Harris saw sales growth among all of its business including its Defense Communications and Electronics segment, which climbed 22 percent to $567 million. Sales at its RF Communications division, which makes tactical radios, also rose 36 percent to $441 million on high demand in both U.S. and international markets.
Among Harris' international customers during the quarter included: Pakistan, Georgia, Algeria, Saudi Arabia and the United Kingdom, among others.
For the year, Harris earned $444.2 million, or $3.26 per share, down from $480.4 million, or $3.43 per share, a year ago. Revenue in fiscal 2008 rose 25 percent to $5.3 billion, from $4.2 billion in the prior year.
Analysts polled by Thomson Financial, on average, were expecting $3.39 per share on revenue of $5.3 billion.
The company affirmed its fiscal 2009 outlook in a range of $4.05 to $4.15 per share. Analysts are expecting earnings of $4.10 per share.
Shares of Harris added $1.18, or 2.5 percent, to close at $48.66.
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