Shares of communications systems and electronics equipment provider Harris Corp. (HRS) jumped more than 8.77% Wednesday after the company reported fiscal second-quarter results that beat analysts' forecasts.
The Florida-based company, which makes everything from satellite communications equipment to night-vision goggles, earned net income of $225 million, or $1.88 a share, in its most recent quarter, compared with $131 million, or $1.08 a share, in the year-earlier period.
Excluding items, Harris reported an adjusted profit of $1.96 a share for the quarter, compared with $1.65 last year and analysts' forecasts of $1.90. Revenue rang in at $1.67 billion vs. $1.54 billion in the year-earlier period.
The results helped push Harris' shares up more than 7%, or $10.10, to $152.79 in mid-afternoon trading on the New York Stock Exchange.
Orders focused on "public safety" from both state and federal agencies including a $33 million order from Nevada as part of a $108 million program to upgrade its statewide shared radio system. A $23 million order from the Air National Guard also helped bolster the bottom line, the company said.
Harris now expects full-year earnings in the range of $7.90 to $8 a share, and revenue of between $6.66 billion to $6.69 billion.
Harris produces products for government and commercial customers in more than 100 countries through three different business segments: Communication systems, electronic systems and space and intelligence systems.
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