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Harris raises fiscal 2019 EPS guidance as Q1 net income jumps 34% YOY

Harris Corp. raised its EPS guidance for fiscal 2019 as its earnings for the first quarter of the fiscal year rose 34% from the same period a year ago.

The company booked $213 million in net income in fiscal first quarter ended Sept. 28, up from $159 million in the quarter ended Sept. 29, 2017. EPS for the quarter rose to $1.77 from $1.31 in the previous year.

From continuing operations, EPS for the quarter rose to $1.78 from $1.36 in the year-ago period.

Revenues from products and services were $1.54 billion during the quarter, up 9% from $1.41 billion in the prior year. Electronic systems brought in $589 million in revenues, while space and intelligence systems contributed $488 million to the quarterly revenue.

On a non-GAAP basis, Harris' EBIT rose 12% year over year to $300 million in the quarter from $269 million.

The company now targets EPS from continuing operations in the range of $7.80 to $7.90 for fiscal 2019, compared with the previous guidance range of $7.65 to $7.85. Harris projects fiscal 2019 revenue to be in the range of $6.53 billion to $6.65 billion.

Separately, Harris and L3 Technologies Inc. agreed to merge in an all-stock deal to create one of the biggest defense companies in the world.