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Harris Corp. fiscal Q1 profit climbs YOY

Harris Corp. said its normalized net income for the fiscal first quarter ended Sept. 29 amounted to $1.19 per share, compared with the S&P Capital IQ consensus estimate of $1.35 per share.

EPS increased 8.7% year over year from $1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $144.4 million, a gain of 5.0% from $137.5 million in the prior-year period.

The normalized profit margin climbed to 10.2% from 9.7% in the year-earlier period.

Total revenue came to $1.41 billion, compared with $1.42 billion in the year-earlier period, and total operating expenses decreased from the prior-year period to $1.14 billion from $1.16 billion.

Reported net income rose 14.9% on an annual basis to $167.3 million, or $1.38 per share, from $145.6 million, or $1.16 per share.