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Harris Corp. fiscal Q2 profit falls YOY

Harris Corp. said its normalized net income for the fiscal second quarter ended Jan. 2 amounted to $1.13 per share, compared with the S&P Capital IQ consensus estimate of $1.18 per share.

EPS declined year over year from $1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $118.3 million, a decline of 7.0% from $127.2 million in the second quarter ended Dec. 27, 2013.

The normalized profit margin fell to 9.8% from 10.4% in the year-earlier period.

Total revenue declined year over year to $1.21 billion from $1.22 billion, and total operating expenses totaled $995.3 million, compared with $1.00 billion in the prior-year period.

Reported net income grew year over year to $138.5 million, or $1.32 per share, from $136.3 million, or $1.27 per share.