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Harris Corp. fiscal Q3 profit falls YOY

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Harris Corp. fiscal Q3 profit falls YOY

Harris Corp. said its normalized net income for the fiscal third quarter ended April 3 came to $1.12 per share, compared with the S&P Capital IQ consensus estimate of $1.24 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 $117.3 million, a decline of 6.8% from $125.8 million in the third quarter ended March 28, 2014.

The normalized profit margin dropped to 9.4% from 9.9% in the year-earlier period.

Total revenue declined 6.4% on an annual basis to $1.19 billion from $1.27 billion, and total operating expenses fell 7.5% on an annual basis to $965.7 million from $1.04 billion.

Reported net income fell 7.8% from the prior-year period to $125.8 million, or $1.20 per share, from $136.4 million, or $1.27 per share.