Harris Corporation (NYSE:HRS) reported second-quarter fiscal 2018 (ended Dec 31, 2017) earnings per share (excluding 52 cents from non-recurring items) of $1.67 , beating the Zacks Consensus Estimate of $1.40. Earnings increased 17.6% on a year-over-year basis.
How Was the Estimate Revision Trend?
Investors should note that the earnings estimate revisions for Harris depicted a steady picture prior to the earnings release. The stock had seen the Zacks Consensus Estimate for fiscal second-quarter earnings remain constant over the last 90 days.
Harris also has an impressive earnings surprise history. The company delivered positive surprises in three of the past four quarters. The average earnings beat was 2.8%.
Revenues Higher Than Expected
Harris recorded revenues of $1,535 million, which surpassed the Zacks Consensus Estimate of $1,483.7 million. However, it compared unfavorably to the year-ago number of $1,700 million.
Harris Corporation Price and EPS Surprise
Harris Corporation Price and EPS Surprise | Harris Corporation Quote
Key Q2 Statistics: The company has raised its guidance for fiscal 2018 on account of a strong performance in the first half and benefits from the tax reform. It now expects earnings per share (on an adjusted basis) in fiscal 2018 in the band of $6.30 to $6.50 per share. Previous guidance was in the range of $5.85-$6.05 per share. The Zacks Consensus Estimate for fiscal 2018 currently stands at $6.08 per share. The company expects fiscal 2018 revenues in the range of $6.08 - 6.14 billion, up 3-4% year-over-year. Past guidance was between $6.02 and $6.14 billion. The Zacks Consensus Estimate currently stands at $6.09 billion for fiscal 2018. The company expects free cash flow of around $900 million for fiscal 2018. Earlier forecast was in the band of $850 - 900 million.
Zacks Rank: Currently, Harris carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this Harris earnings report later!
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Harris Corporation (HRS): Free Stock Analysis Report
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