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Harris reports increase in Q3 profit, sales

Harris Corp. continues to benefit from its multibillion acquisition last year of Exelis Inc., reporting on Tuesday increases in its year-over-year third-quarter profit and sales.

The Florida-based firm, which has two local business units, said net income from continuing operations was $170 million, or $1.36 a diluted share. It reported adjusted net income of $182 million, or $1.45 a diluted share, excluding acquisition-related costs.

In the prior year, net income from continuing operations was $126 million, or $1.20 a diluted share, and adjusted net income was $139 million, or $1.32 a diluted share, excluding acquisition-related costs.

The company logged sales of $1.9 billion, up from $1.2 billion.

Revenue from its Communication Systems segment was $485 million, up from $458 million during the prior year’s quarter. Operating income was $154 million, up from $153 million.

Sales in its Space and Intelligence Systems segment was $489 million, up from $228 million. Operating income was $76 million, up from $36 million.

Harris employs 3,450 local workers. Its Communication Systems segment has 2,150 local workers and was formerly the firm’s RF Communications unit. The Space and Intelligence Systems, formerly part of Exelis, has 1,300 local workers.

Harris expects full-year earnings to be $5.70 a share, with revenue expected to be $7.5 billion.

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.
 

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