Now what: Management now sees full-year 2016 revenue of $7.6 billion to $7.68 billion, down from its prior view of $7.67 billion to $7.83 billion. "We've made excellent progress in both achieving anticipated synergy savings and identifying additional opportunities," said Chairman, President, and CEO William M. Brown. "As a result, we now expect to exit fiscal 2017 with annual run-rate savings in a range of $140 to $150 million, significantly higher than our previous expectation of about $120 million." Given Harris' seemingly significant revenue headwinds and still-lofty 20-plus P/E, however, I'd hold out for an even wider margin of safety before buying into that bullishness.
Premium Investing Services
Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.