Harris Stratex Posts Loss, But Beats Expectations

RESEARCH TRIANGLE PARK, N.C. (AP) — Harris Stratex Networks Inc., a maker of wireless equipment that was recently spun off from Harris Corp., posted a loss and a drop in revenue in its first earnings report as an independent company.

Harris Stratex shares fell 40 cents, or 6.3 percent, to $5.99 in midday Friday trading.

The Research Triangle Park-based company late Thursday said it lost $3.4 million, or 6 cents per share, in the fiscal fourth quarter, which ended July 3. In the same period a year earlier, it would have posted a loss of $13.7 million, or 23 cents per share, if it was an independent company.

Excluding items including a trade name impairment charge, Harris Stratex earned $5.1 million, or 9 cents per share, beating the average forecast of analysts polled by Thomson Reuters. They were expecting a profit of 3 cents per share.

Sales were $135.2 million in the latest quarter, down 38 percent from $186.8 million a year ago. Analysts were expecting sales of $142 million.

Harris Corp., which makes radios and other communications devices for military and commercial users, owned 56 percent of Harris Stratex until May, when it spun off the stake to its shareholders.