* Adj Q4 EPS $1.42 vs estimate $1.41
* Q4 orders rose
July 31 Harris Corp, a maker of tactical
radios used by the military, reported a lower quarterly profit
on Tuesday as revenue fell.
Key divisions of Harris have come under pressure as the U.S.
government curbs defense spending. Although the company is in
general not a main contractor on big defense programs, it would
be affected should further budget cuts take effect in January
under a process known as "sequestration", executives said during
a conference call.
The company said the current first quarter would likely be
weaker compared with a year earlier, citing lower sales and
income in tactical communications and IT services. But it added
the rest of the year would be in line with or higher than the
Net income was $129.1 million, or $1.13 a share, in the
fiscal fourth quarter ended June 29, compared with $133.5
million, or $1.06 a share, a year earlier. There were fewer
shares outstanding in the most recent quarter.
Income from continuing operations came to $1.42 a share,
compared with $1.41 expected by analysts, according to Thomson
Orders in the fourth quarter were $1.48 billion, up from
$1.21 billion in the prior year.
Quarterly revenue fell nearly 6 percent to $1.44 billion
from $1.52 billion a year earlier.
Harris stood by a prior forecast calling for profit from
continuing operations of $5.10 to $5.30 a share over the next
year. Analysts currently expect $5.16 a share, compared with
$5.20 for the just-reported fiscal year.
Harris Corp shares were down 0.9 percent to $41.80 in