Harris 3Q Profit Rises 6 Percent

MELBOURNE, Fla. (AP) — Radio and communication device maker Harris Corp. said its fiscal third-quarter earnings rose 6 percent, but said it expects its full-year earnings to be at the low end of its guidance as orders weakened during the quarter.

Harris also forecast a weaker-than-expected profit in 2010. Shares of the company sank on the news, shedding $3.58, or 11.1 percent, to $28.60 in aftermarket trading, having closed the regular session at $32.18.

The company, which supplies military and commercial markets, posted net earnings of $114.2 million, or 86 cents per share, up from $108 million, or 78 cents per share in the year-ago quarter.

Excluding the results of Harris Stratex Networks Inc., the company earned $136 million, or $1.02 per share. In late March, the company announced it would spin off the unit, which provides services for mobility and broadband networks.

Revenue edged up 2 percent to $1.36 billion. Higher international sales of tactical radios and other communications equipment helped make up for softer domestic sales. But orders during the quarter were down 27 percent to $1 billion.