Harris Corp. Provides Fiscal 2005 Guidance of 15% to 20% EPS Growth
March 10 2004 - 4:30PM
PR Newswire (US)
Harris Corp. Provides Fiscal 2005 Guidance of 15% to 20% EPS Growth
MELBOURNE, Fla., March 10 /PRNewswire-FirstCall/ -- Harris
Corporation today provided guidance for its initial range of
earnings per share expectations for fiscal 2005 of $2.15 to $2.30
per diluted share. The company also reiterated previously provided
guidance of $1.85 to $1.95 per diluted share for fiscal 2004, which
ends July 2, 2004. "The outlook for our Government Communications
Systems and RF Communications segments is strong. Both businesses
are expected to continue to deliver solid revenue growth in fiscal
2005 and have operating margins similar to those achieved in fiscal
2004," said Howard L. Lance, chairman and CEO. "Harris is on a
broad base of strategic programs that support a wide range of U.S.
Government agencies and international customers. We expect recent
program wins to continue to ramp up in fiscal 2005, and we are
pursuing a large pool of new opportunities in both businesses. "We
have made good progress in driving revenue growth, cost reductions,
and improved profitability in our commercial segments, and further
improvement is expected in both revenue growth and profitability,"
Lance said. "The global economic climate is improving, and we
expect higher demand for broadcast and telecom products. We are
well positioned as a leader in these markets. We have invested in
new products for the international market and are expanding
distribution channels to increase our focus on international
sales." Lance's comments were made in advance of the company's
annual analyst meeting being held in Melbourne, March 11 and 12,
2004. At the meeting, Lance and Bryan R. Roub, chief financial
officer, will present a strategic overview and financial summary,
which will include a discussion of the guidance. The presentations
will be available via webcast and presented as a listen-only
conference call on March 11 beginning at 1:00 p.m. (ET). The
webcast will be broadcast live via the Internet at
http://www.harris.com/webcast. The dial-in number for the
conference call is 719-457-2637, access code 314248. A replay of
the conference call is available at 719-457-0820, access code
314248, from 5 p.m. March 11 (ET) through midnight (ET) on
Wednesday, March 17. A replay of the webcast will be available on
the company's website. Harris Corporation is an international
communications equipment and systems company focused on providing
assured communications(TM) solutions for government and commercial
customers inmore than 150 countries. The company's five operating
divisions serve markets for government communications, tactical
radio, broadcast, microwave, and network support. Additional
information about Harris Corporation is available at
http://www.harris.com/. Forward-Looking Statement Statements in
this press release that are not historical facts are
forward-looking statements that reflect management's current
expectations, assumptions, and estimates of future performance and
economic conditions. Such statements are made in reliance upon the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements in this release include but are not
limited to: expectationsfor strong performance in our
government-related businesses, expected improvement in revenue
growth and profitability for broadcast and telecom products, and
earnings per share guidance for fiscal 2004 and fiscal 2005. The
Company cautions investors that any forward-looking statements are
subject to risks and uncertainties that may cause actual results
and future trends to differ materially from those matters expressed
in or implied by such forward-looking statements. The Company's
consolidated results and the forward-looking statements could be
affected by many factors, including but not limited to: uncertain
economic conditions which make it difficult to estimate growth in
our markets and, as a result, future income and expenditures; the
severe telecommunications slow-down, which has had and may continue
to have a negative effect on our telecom businesses; our dependence
on the U.S. Government for a significant portion of our revenues,
as the loss of this relationship or a shift in U.S. Government
funding could have adverse consequences on our future business;
financial and government and regulatory risks relating to
international sales and operations, including fluctuations in
foreign currency exchange rates and the effectiveness of our
currency hedging program; the fair values of our portfolio of
passive investments, which values are subject to significant price
volatility or erosion; our ability to continue to develop new
products that achieve market acceptance; the consequences of future
geo-political events, which may affect adversely the markets in
which we operate, our ability to insure against risks, our
operations or our profitability; strategic acquisitions and the
risks and uncertainties related thereto, including our ability to
manage and integrate acquired businesses; potential changes in U.S.
Government or customer priorities due to program reviews or
revisions to strategic objectives, including termination of or
potential failure to fund U.S. Government contracts; risks inherent
with large long-term fixed price contracts, particularly the
ability to contain cost overruns; the performance of critical
subcontractors or suppliers; potential claims that we are
infringing the intellectual property rights of third parties; the
successful resolution of patent infringement claims and the
ultimate outcome of other contingencies, litigation and legal
matters; customer demand for financing and customer credit risk;
cost reductions, which may not yield the benefits we expect and
could have adverse effects on our future business; the impact of
competitive products and pricing; risks inherent in developing new
technologies; the ability to recruit and retain qualified
personnel; and general economic conditions in the markets in which
we operate. Further information relating to factors that may impact
the Company's results and forward-looking statements are disclosed
in the Company's filings with the SEC. Harris disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Website://www.harris.com DATASOURCE: Harris
Corporation CONTACT: Media, Tom Hausman, +1-321-727-9131, or , or
Investor Relations, Pamela Padgett, +1-321-727-9383, or , or
additional information, Harris Corporation, , all for Harris
Corporation
Copyright
Harris (NYSE:HRS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Harris (NYSE:HRS)
Historical Stock Chart
From Jul 2023 to Jul 2024