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Harris Corp. fiscal Q1 profit falls YOY

Harris Corp. said its normalized net income for the fiscal first quarter ended Sept. 26 came to $1.04 per share, compared with the S&P Capital IQ consensus estimate of $1.09 per share.

EPS decreased 5.3% year over year from $1.09.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $109.7 million, a decrease of 6.6% from $117.5 million in the year-earlier period.

The normalized profit margin fell to 9.5% from 9.9% in the year-earlier period.

Total revenue decreased year over year to $1.16 billion from $1.19 billion, and total operating expenses fell year over year to $957.8 million from $982.3 million.

Reported net income came to $124.8 million, or $1.18 per share, compared with $126.6 million, or $1.18 per share, in the prior-year period.