Harris Corp. (HRS) Tops Q3 EPS by 7c; Narrows Outlook

Harris Corp. (NYSE: HRS) reported Q3 EPS of $1.38, $0.07 better than the analyst estimate of $1.31. Revenue for the quarter came in at $1.49 billion versus the consensus estimate of $1.47 billion.

• 3Q17 EPS from continuing operations $1.31 GAAP, up 4%; $1.38 non-GAAP, up 2%
• 3Q17 operating cash flow $194 million; free cash flow $164 million
• Completed sale of government IT services business for $690 million in April 2017
• Current and prior period results reflect government IT services as discontinued operations
• Narrowed fiscal 2017 guidance – GAAP EPS from continuing operations of $5.20 to $5.25, non-GAAP EPS of $5.50 to $5.55; revenue down ~1%; free cash flow unchanged at ~$800 million

GUIDANCE:

Harris Corp. sees FY2017 EPS of $5.50-$5.55, versus the consensus of $5.55.

For earnings history and earnings-related data on Harris Corp. (HRS) click here.

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