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Harris Corp. First Quarter Income Climbs 57% on Revenue Growth of 22% |
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MELBOURNE, Florida, October 25/Satnews Daily/ — Harris Corp. (NYSE:HRS) said revenue in the first quarter of fiscal 2005 increased 22% to $669 million; income from continuing operations increased 57% to $40 million; and diluted earnings per share increased 53% to $.58, compared to the prior-year quarter.
Announcing fiscal 2005 first quarter results, Harris Corp. the strong first quarter results were driven by both the continuing momentum in the company’s government businesses and improved profitability in its commercial businesses.
The company also raised its fiscal year 2005 earnings guidance from $2.25 - $2.35 per diluted share to a range of $2.60 - $2.70 per diluted share. The revised guidance includes expected accretion of $.12 per diluted share from the previously announced acquisition of Encoda Systems Holdings, Inc.
Howard L. Lance, chairman, president and CEO said the Government Communications Systems segment was awarded five new multi-year contracts that have significantly increased total backlog. Segment revenue in the first quarter was $432.2 million, a 29 % increase compared to the prior-year quarter.
Harris said operating income increased 41% to $45.1 million and total backlog increased to a record $4.8 billion. Improved results were driven by growth across all government markets served by the segment.
During the quarter, Harris was selected by the U.S. National Reconnaissance Office for a potential $1 billion, 10-year contract (Patriot program) to provide operations, maintenance and support services for the agency's global communications and information systems. The company was also selected for a $10 million, one-year design and analysis phase of the Electronic Record Archives (ERA) program by the U.S.
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