Harris Corporation (HRS - Free Report) reported fourth-quarter fiscal 2017 earnings (on an adjusted basis) of $1.49 per share, in line with the Zacks Consensus Estimate. Quarterly earnings improved on a year-over-year basis. Revenues in the quarter came in at $1,542 million, ahead of the Zacks Consensus Estimate of $1,510.9 million.
Cost of product sales and services in the reported quarter was $1,019 million, compared with $1,005 million in the prior-year quarter. Engineering, selling & administrative expenses totaled $248 million in the quarter under review compared with $278 million in the fourth quarter of fiscal 2016.
Revenues at the Communication Systems segment came in at $449 million in the quarter, up 3% on the back of increased sales of legacy international tactical radios. Segmental operating income improved to $146 million owing to higher revenues.
Revenues at the Space and Intelligence Systems unit were $506 million, down 4%. Results were hurt by lower revenues from environmental and space programs. Operating income for the segment was $80 million was flat year over year.
Revenues at the Electronic Systems unit totaled $591 million, up 4%. Segmental operating income was $104 million, down 12.60%.
At the end of fiscal 2017, the company had cash and cash equivalents of $484 million, compared with $487 million at the end of fiscal 2016. Total long-term debt at the end of fiscal year was $3,396 million compared with $4,120 million at the end of fiscal 2016.
This Zacks Rank #4 (Sell) company now expects earnings per share (on an adjusted basis) for fiscal 2018 in the band of $5.85 to $6.05. The Zacks Consensus Estimate for earnings is pegged at $6.06 per share. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company projects fiscal 2017 revenue in the band of $6.02--$6.14 billion. The Zacks Consensus Estimate for fiscal 2018 revenues is pegged at $6.06 billion.
Harris, with peers like ARC Group World (ARCW - Free Report) and Clearfield Inc (CLFD - Free Report) , has been consistently focusing on business innovation in a bid to deliver some of the best technology and products in the industry. Notably, the company has been recently selected by Lockheed Martin (LMT - Free Report) to upgrade mission system avionics for the F-35 Lightning II as part of the Technology.
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