DOW JONES NEWSWIRES
Harris Corp.'s (HRS) fiscal third-quarter profit jumped 46% as
the communications-product maker continued to see an increase in
orders.
The maker of digital multiband radios used by the military also
raised its earnings target for the year to $4.23 to $4.33 a share
as it reiterated its revenue forecast. For fiscal 2011, Harris
projected a profit of $4.55 to $4.65 on revenue of $5.5 billion to
$5.6 billion.
Shares rose 2.4% after hours to $51.
Chairman and Chief Executive Howard L. Lance said, "Our strategy
in investing in new technology and applications ... is
working."
Harris has seen a surge in radio sales to the U.S. Department of
Defense, which has boosted its revenue stream and helped to keep it
resilient during the recession. The company, however, got some bad
press last November when travelers across the country were stranded
after the Federal Aviation Administration's core telecommunications
network, managed by Harris, failed.
The company reported earnings of $166.2 million, or $1.27 a
share, compared with $114.2 million, or 86 cents a share, a year
earlier. Excluding acquisition-related costs, earnings from
continuing operations rose to $1.30 from $1.02, as revenue rose 10%
to $1.3 billion.
Analysts expected earnings of $1.25 on revenue of $1.3
billion.
New orders rose 40% to $1.4 billion. They included a $112
million order from Australian Defence, a $78 million one from the
U.S. Department of Defense and a $73 million order from the U.S.
Marine Corps, among others.
-By Shayndi Raice, Dow Jones Newswires; 212-416-2672;
shayndi.raice@dowjones.com