Harris (NYSE: HRS) reported earnings on April 30. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 29 (Q3), Harris met expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue contracted significantly. Non-GAAP earnings per share dropped significantly. GAAP earnings per share grew.

Gross margins shrank, operating margins grew, net margins expanded.

Revenue details
 Harris logged revenue of $1.20 billion. The seven analysts polled by S&P Capital IQ looked for revenue of $1.21 billion on the same basis. GAAP reported sales were 18% lower than the prior-year quarter's $1.48 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 $1.12. The 10 earnings estimates compiled by S&P Capital IQ predicted $1.12 per share. Non-GAAP EPS of $1.12 for Q3 were 19% lower than the prior-year quarter's $1.39 per share. (The prior-year quarter included -$0.87 per share in earnings from discontinued operations.) GAAP EPS were $0.85 for Q3 compared to -$3.15 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 33.2%, 330 basis points worse than the prior-year quarter. Operating margin was 16.4%, 10 basis points better than the prior-year quarter. Net margin was 7.9%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $1.31 billion. On the bottom line, the average EPS estimate is $1.14.

Next year's average estimate for revenue is $5.07 billion. The average EPS estimate is $4.65.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 613 members out of 634 rating the stock outperform, and 21 members rating it underperform. Among 158 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 153 give Harris a green thumbs-up, and five 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 $50.33.

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