Harris Corporation (HRS), based in Melbourne, FL, leading supplier of communications equipment and services. The company has brought about a transformation pertaining to communications and information technology
The company has an impressive track record having delivered positive earnings surprises in each of the last four quarters, with an average beat of 5.83%.
Zacks Rank: Currently, Harris Corporation has a Zacks Rank #3 (Hold) but that could change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Harris Corporation’s adjusted earnings of $1.32 per share easily beat the Zacks Consensus Estimate of $1.17 per share.
Revenue: Revenues came in at $1,206.3 million surpassing the Zacks Consensus Estimate of $1,174 million. However, revenues declined 1% from the year-ago figure.
Key Stats: The company raised its earnings per share guidance for fiscal 2015 and now expects earnings in the band of $4.95 to $5.05 (old guidance: $4.75 to $5.00). The Zacks Consensus Estimate of $4.86 per share is below the guidance range. Apart from announcing earnings results, Harris Corporation announced that it will acquire Exelis, Inc. (XLS) in a cash and stock deal valued at approximately $4.75 billion ($23.75 per share). The move is aimed at broadening its product portfolio.
Stock Price: No significant stock price movement was observed at the time of writing.
Check back later for our full write up on this Harris Corporation earnings report later!
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