Harris (HRS) Q1 Earnings Surpass, Revenues Miss Estimates
Zacks Investment Research | Oct 30, 2017 10:45PM ET
Harris Corporation (NYSE:HRS) reported first-quarter fiscal 2018 (ended September 29, 2017) earnings of $1.38 per share, beating the Zacks Consensus Estimate of $1.35. Revenues in the quarter came in at $1,413 million, below the Zacks Consensus Estimate of $1,424.8 million.
Cost of product sales and services in the reported quarter was $898 million compared with $897 million in the prior-year quarter. Engineering, selling & administrative expenses totaled $243 million in the quarter under review compared with $277 million in the first quarter of fiscal 2017.
Segmental Performance
Revenues at the Communication Systems segment came in at $410 million in the quarter, down 5% due to lower International Tactical Communications volume.Segmental operating income was flat year over year at $118 million.
Revenues at the Space and Intelligence Systems unit were $466 million, up 3%. Results were aided by space superiority programs.Operating income for the segment was $87 million, up 10% on the back of higher volumes, impressive program performance and incremental pension income.
Revenues at the Electronic Systems unit inched up 1% to $540 million. Segmental operating income was $109 million, down 2%.
At the end of the first quarter of fiscal 2018, the company had cash and cash equivalents of $388 million compared with $284 million at the end of first-quarter fiscal 2017. Total long-term debt at the end of first-quarter fiscal 2018 was $3,395 million compared with $3,396 million at the end of fourth-quarter fiscal 2017.
Harris Corporation Price, Consensus and EPS Surprise
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.