Harris (NYSE: HRS) reported earnings on Oct. 29. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended Sep. 28 (Q1), Harris missed estimates on revenues and met expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped and GAAP earnings per share contracted to a loss.
Gross margins dropped, operating margins grew, net margins dropped.
Revenue details
Harris reported revenue of $1.26 billion. The 10 analysts polled by S&P Capital IQ hoped for revenue of $1.30 billion on the same basis. GAAP reported sales were 14% lower than the prior-year quarter's $1.46 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 $1.14. The 13 earnings estimates compiled by S&P Capital IQ anticipated $1.13 per share. GAAP EPS were -$0.76 for Q1 compared to $1.01 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 32.8%, 100 basis points worse than the prior-year quarter. Operating margin was 17.0%, 250 basis points better than the prior-year quarter. Net margin was -6.8%, 1,510 basis points worse than the prior-year quarter.
Looking ahead
Next quarter's average estimate for revenue is $1.31 billion. On the bottom line, the average EPS estimate is $1.22.
Next year's average estimate for revenue is $5.42 billion. The average EPS estimate is $5.15.
Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 624 members out of 646 rating the stock outperform, and 22 members rating it underperform. Among 166 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 162 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 hold, with an average price target of $46.50.
Can your retirement portfolio provide you with enough income to last? You'll need more than Harris. Learn about crafting a smarter retirement plan in "The Shocking Can't-Miss Truth About Your Retirement." Click here for instant access to this free report.
- Add Harris to My Watchlist.
