Harris Corp. (NYSE: HRS), a communications and information technology company, posted a 12 percent drop in profit in its fiscal first quarter, weighed down by acquisition-related charges, according to Associated Press.
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The Melbourne, Fla., company's revenue increased 2.6 percent on stronger sales of radio and government communications systems and Harris increased its full-year 2010 guidance due to higher-than-expected military radio orders.
Net income of $104.5 million, or 79 cents per share, compared with $118.7 million, or 88 cents per share in the same quarter last year.
Excluding charges related to the company's acquisition of Tyco Electronics Wireless Systems, income was $109 million, or 83 cents per share, Harris said.
Analysts surveyed by Thomson Reuters expected, on average, earnings of 76 cents per share. Analysts typically do not include one-time charges.
Revenue for the quarter ended Oct. 2 was $1.2 billion, up from $1.17 billion in the same period last year.
Harris increased its fiscal 2010 guidance to between $3.85 and $3.95 per share from its previous guidance of $3.40 per share to $3.50 per share.
Analysts expect earnings to be $3.37 per share, according to Thomson Reuters.
Shares gained $2.04, or 5.4 percent, to $39.98 in after-hours trading following the release of the earnings report. In regular trading, the stock fell $1.02, or 2.6 percent, to close at $37.94.
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