Harris Stratex shares after 4Q tops analyst views
Friday September 19, 12:57 pm ET
Harris Stratex shares rally as investors cheer fiscal 4th-quarter results, upbeat forecast
MORRISVILLE, N.C. (AP) -- Shares of Harris Stratex Networks Inc. climbed more than 8 percent Friday after the supplier of wireless network equipment ended its fiscal year with results that exceeded analyst expectations.
The Morrisville, N.C-based company also raised its revenue projections for the current quarter.
The performance and forecast boosted Harris Stratex' shares 68 cents, or 8.6 percent, to $8.60 in Friday's early afternoon trading as the broader markets also rallied. The stock has traded in a range of $6.85 and $19.97 during the past year.
Harris Stratex lost $13.7 million, or 23 cents per share, in its fiscal fourth quarter ended June 27, widening from $7.2 million, or 12 cents per share, at the same time last year. Revenue in the period rose 7 percent to $186.8 million.
If not for expenses unrelated to its ongoing business, Harris Stratex said it would have made 8 cents per share. That figure was 2 cents above the average estimate among analysts polled by Thomson Reuters.
Harris Stratex delayed reporting its fourth-quarter results to correct accounting errors that exaggerated its profits earlier in its fiscal 2008 year and understated its losses from July 2005 through June 2007.
In financial restatements issued late Thursday, Harris Stratex wiped out $3.7 million in profits previously reported during the first three quarters of fiscal 2008 and increased its losses by a total of $9.7 million for fiscal 2005 through fiscal 2007.
The company also said it expects revenue of $185 million to $195 million this quarter, better than its prior estimated range of $175 million to $185 million and exceeding the average analyst estimate of $180.7 million. |
