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Harris Corp. profit misses consensus by 16.2% in fiscal Q1

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Harris Corp. profit misses consensus by 16.2% in fiscal Q1

Harris Corp. said its normalized net income for the fiscal first quarter ended Sept. 30 was $1.12 per share, compared with the S&P Capital IQ consensus estimate of $1.34 per share.

EPS decreased year over year from $1.17.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $140.6 million, a decline from $145.6 million in the first quarter ended Oct. 2, 2015.

The normalized profit margin rose to 9.7% from 8.5% in the year-earlier period.

Total revenue increased year over year to $1.75 billion from $1.71 billion, and total operating expenses climbed year over year to $1.49 billion from $1.43 billion.

Reported net income increased 9.5% year over year to $159.4 million, or $1.27 per share, from $145.6 million, or $1.17 per share.