Harris Co. (HRS) Expected to Post Quarterly Sales of $1.80 Billion
Wall Street brokerages expect Harris Co. (NYSE:HRS) to post sales of $1.80 billion for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Harris’ earnings. The lowest sales estimate is $1.80 billion and the highest is $1.82 billion. Harris reported sales of $1.67 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 7.8%. The firm is expected to report its next quarterly earnings results on Tuesday, July 30th.
According to Zacks, analysts expect that Harris will report full-year sales of $6.74 billion for the current year, with estimates ranging from $6.73 billion to $6.75 billion. For the next year, analysts anticipate that the company will post sales of $7.22 billion, with estimates ranging from $7.10 billion to $7.30 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Harris.
Harris (NYSE:HRS) last posted its quarterly earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.07. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.70 billion. Harris had a net margin of 13.60% and a return on equity of 27.13%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $1.67 EPS.
Shares of NYSE HRS traded up $0.57 during trading hours on Wednesday, hitting $188.34. 803,349 shares of the stock were exchanged, compared to its average volume of 949,449. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $21.69 billion, a price-to-earnings ratio of 28.98, a P/E/G ratio of 2.82 and a beta of 1.23. Harris has a 1-year low of $123.24 and a 1-year high of $189.41.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be given a $0.685 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.74 dividend on an annualized basis and a yield of 1.45%. Harris’s dividend payout ratio is currently 42.15%.
In other Harris news, insider William H. Gattle sold 5,131 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total value of $916,961.01. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $179.99, for a total transaction of $1,642,228.76. The disclosure for this sale can be found here. Company insiders own 2.51% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Oppenheimer Asset Management Inc. acquired a new position in shares of Harris during the fourth quarter worth $31,000. Cresset Asset Management LLC acquired a new position in shares of Harris during the first quarter worth $36,000. Bronfman E.L. Rothschild L.P. lifted its holdings in shares of Harris by 48.8% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock worth $41,000 after purchasing an additional 101 shares during the period. Sonora Investment Management LLC acquired a new position in shares of Harris during the first quarter worth $46,000. Finally, Destination Wealth Management acquired a new position in shares of Harris during the first quarter worth $52,000. Hedge funds and other institutional investors own 92.65% of the company’s stock.
Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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