Harris Corporation's net income USD105m in Q1 2010

Wed. October 28, 2009; Posted: 06:27 AM

This compared with net income of USD119nm or USD0.89 per diluted share in the first quarter of the prior-year.

Revenues for the quarter were USD1.20bn, as compared with USD1.17bn in the first quarter of fiscal 2009.

The company said that new orders, revenues and earnings exceeded its expectations in the first quarter as a result of strong performance in both the RF Communications and Government Communications Systems segments.

The company said that it has significantly increased its full-year fiscal 2010 guidance to reflect much higher than expected tactical radio orders from the US Department of Defence and the positive impact on expected revenue and earnings.

As a result, the company has revised its guidance for non-GAAP income from continuing operations for fiscal 2010 to a range of USD3.85 to USD3.95 per diluted share or USD3.74 to USD3.84 per diluted share on a GAAP basis. This is in comparison with previous guidance range of non-GAAP EPS of USD3.40 to USD3.50 per diluted share or USD3.25 to USD3.40 per diluted share on a GAAP basis.

Revenues for fiscal 2010 are now expected to be in a range of USD5.1bn to USD5.2bn.

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For full details on Harris Corporation (HRS) click here. Harris Corporation (HRS) has Short Term PowerRatings of 3. Details on Harris Corporation (HRS) Short Term PowerRatings is available at This Link.

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