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Harris Corp. reports decrease in Q3 sales for two local segments

Two local units of Harris Corp. reported decreases in third-quarter sales Wednesday.

The Communication Systems segment logged sales of $461 million, down 5 percent from sales of $485 million during the quarter a year ago. Operating income for the segment was $140 million, down from $151 million.

Space and Intelligence Systems revenue was $475 million, down 3 percent from $489 million, Segment operating income was $76 million compared with $75 million in the prior year.

Harris ranked second on the most recent Rochester Business Journal list of manufacturers with 3,200 workers. Its local operations include Communication Systems and Harris Space and Intelligence Systems, formerly Exelis Geospatial Systems.

Florida-based Harris reported sales of $1.49 billion, down from $1.53 billion during the prior year’s quarter.

Income from continuing operations was $164 million, or $1.31 a diluted share, compared with $159 million, or $1.26 a diluted share, in the prior year. Adjusted income from continuing operations was $172 million, or $1.38 a diluted share, compared with $170 million, or $1.35 a diluted share.

Harris narrowed its guidance for fiscal 2017 and now expects fiscal 2017 income from continuing operations of $5.20 to $5.25 a diluted share and adjusted income from continuing operations of $5.50 to $5.55 a diluted share.

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-363-7269 or e-mail madams@bridgetowermedia.com.

 

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