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Harris Earnings Climb

Adjusted profits top estimates.

Communication-systems company

Harris

(HRS)

said Wednesday its first-quarter earnings rose 66.8% from the year-ago period, supported by strong revenue growth.

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The Melbourne, Fla., company earned $83.9 million, or 60 cents a share, compared with $50.3 million, or 36 cents a share, a year ago. Excluding an after-tax charge of 9 cents a share, the company earned 69 cents a share. Analysts polled by Thomson First Call were expecting earnings of 65 cents a share for the quarter.

First-quarter revenue rose 24.6% from last year to $946.8 million, against analysts' expectation of $915 million.

The company increased its full-year 2007 earnings guidance to a range of $2.70 to $2.80 a share, up from the previous $2.65 to $2.75 a share. The forecast excludes the 9-cent charge and 12 cents of merger costs. Analysts expect earnings of $2.69 a share for 2007.

This story was created through a joint venture between TheStreet.com and IRIS.