Harris (NYSE: HRS) reported earnings on May 1. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 30 (Q3), Harris met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased and GAAP earnings per share dropped to a loss.

Margins shrank across the board.

Revenue details
Harris recorded revenue of $1.48 billion. The 11 analysts polled by S&P Capital IQ anticipated revenue of $1.47 billion on the same basis. GAAP reported sales were 4.4% higher than the prior-year quarter's $1.41 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $1.39. The 14 earnings estimates compiled by S&P Capital IQ predicted $1.34 per share. GAAP EPS were -$3.15 for Q3 compared to $1.09 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 36.5%, 10 basis points worse than the prior-year quarter. Operating margin was 16.3%, 80 basis points worse than the prior-year quarter. Net margin was -23.9%, 3,380 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $1.63 billion. On the bottom line, the average EPS estimate is $1.54.

Next year's average estimate for revenue is $6.00 billion. The average EPS estimate is $5.17.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 632 members out of 650 rating the stock outperform, and 18 members rating it underperform. Among 184 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 180 give Harris a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Harris is outperform, with an average price target of $48.00.

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