Here is an updating of HRS Managments view of this and next quarter; this company is performing well and its overall business is aimed at many of the sweet spots in line for major continued federal funding.
Harris Provides Preliminary Earnings Estimate for First Quarter Fiscal Year 2004
MELBOURNE, Fla., Sep 29, 2003 /PRNewswire-FirstCall via COMTEX/ -- Harris
Corporation (NYSE: HRS) today announced preliminary results for the first
quarter of fiscal year 2004. Earnings are expected to be $.37 to $.38 per
diluted share, compared to $.30 per share in the first quarter of fiscal 2003.
"Our earnings for the first quarter are expected to exceed current market
estimates as a result of stronger than expected performance in our two
government segment businesses," said Howard L. Lance, chairman and CEO. Revenue
in the first quarter of fiscal 2004 is expected to be $540 to $550 million,
compared to $450.2 million in the prior-year quarter. As anticipated, there will
be no contribution from non-operating income in the first quarter, compared to
$16.2 million, or $.16 per diluted share, in the prior-year quarter.
"Strong revenue and profit growth continued in our Government Communications
Systems and RF Communications businesses," Lance said. "Harris continues to
respond to near-term requirements by the U.S. military, homeland defense and
classified customers, and is participating in long-term modernization programs
for government communications networks and infrastructure.
"As expected, fiscal year 2003 cost reductions are having a positive impact
across our commercial businesses. The Network Support business is expected to be
profitable for the quarter with improving revenue. Microwave segment revenue is
expected to improve compared to the prior-year quarter and its operating loss
will narrow significantly. Revenue in the Broadcast business is expected to be
weaker than the prior-year quarter, principally in studio products and systems,
as a result of continued delays in capital spending by broadcast customers.
"This early success in our first quarter gives us increased confidence in the
fiscal year 2004 guidance of $1.50 to $1.65 per diluted share that we announced
on July 23," Lance said. "The strength and timing of a broad-based economic
recovery, however, is still unclear and may continue to dampen some of our
commercial business prospects."
Harris will announce actual first quarter results on Tuesday, October 21, 2003,
at 4:00 p.m. ET and will host a teleconference at 5:00 p.m. ET to review these
results. The dial-in number for the teleconference is (719) 457-2625 and the
access code is #266982. Please allow at least 10 minutes prior to the scheduled
start time to connect to the teleconference. A replay of the teleconference will
be available beginning at 8:00 p.m. ET on the 21st and will run until midnight
ET on Tuesday, October 28. To access the replay, please call (719) 457-0820,
access code #266982. The conference call also will be broadcast live via the
Internet at www.harris.com/conference-call. A recording of the call will be
available on the Company's website beginning at 7:00 p.m. ET on October 21.
Harris Corporation is an international communications technology company focused
on providing product, system and service solutions for government and commercial
customers. The company's five operating divisions serve markets for government
communications, tactical radio, broadcast, microwave, and network support
systems. Harris provides systems and service to customers in more than 150
countries. Additional information about Harris Corporation is available at
www.harris.com. |
