NEW YORK (TheStreet) -- Harris Corp. (HRS) stock is retreating 9.16% to $78.78 on heavy trading volume on Tuesday afternoon after the company reported a GAAP loss of $1.09 per diluted share for fiscal 2016 second quarter.
The Melbourne, FL-based communications solutions provider had posted a non-adjusted profit of $1.32 per diluted share for the same quarter of fiscal 2015.
The loss was attributed to the CapRock business, which offers services to oil and gas companies that are cutting spending budgets because of weak commodity prices.
Revenue increased 52% to $1.84 billion for the quarter ended January 1, but missed estimates of $1.89 billion.
So far today, 4.9 million shares of Harris have been traded, compared with its average trading volume of 1.1 million shares.
Separately, Harris has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's robust revenue growth, increase in net income, solid stock performance and expanding profit margins.
You can view the full analysis from the report here: HRS
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.HRS data by YCharts