Harris Corporation (HRS) swung to a net loss for the quarter ended Jul. 03, 2015. The company has made a net loss of $56.20 million, or $ 0.51 a share in the quarter, against a net profit of $131.40 million, or $1.22 a share in the last year period. On an adjusted basis, the company has earned $148.10 million, or $1.32 a share for the quarter. Revenue during the quarter grew 15.46 percent to $1,534.90 million from $1,329.40 million in the previous year period. Gross margin for the quarter expanded 3 basis points over the previous year period to 32.36 percent. Total expenses were 94.03 percent of quarterly revenues, up from 83.01 percent for the same period last year. That has resulted in a contraction of 1102 basis points in operating margin to 5.97 percent.
Operating income for the quarter was $91.60 million, compared with $225.90 million in the previous year period.
"Fourth quarter results were solid, and the integration of Harris and Exelis is off to a good start," said William M. Brown, chairman, president and chief executive officer. "We announced our reorganization into four market-focused segments for fiscal 2016 and we consolidated headquarters, combining the top talent from across both companies. We also announced our intention to close Exelis' Ft. Wayne tactical radio facility and consolidate operations into our world-class Rochester facility. These initial integration steps mark good progress towards achieving the significant cost savings and improved competitive position this combination affords us."
For fiscal year 2016, Harris Corporation forecasts revenue to be in the range of $7,670 million to $7,830 million. It expects diluted earnings per share to be in the range of $5.25 to $5.45. It expects diluted earnings per share to be in the range of $5.60 to $5.80 on adjusted basis for the same period.
Operating cash flow remains almost stable
Harris Corporation has generated cash of $854 million from operating activities during the year, up 0.57 percent or $4.80 million, when compared with the last year.
The company has spent $3,284.50 million cash to meet investing activities during the year as against cash outgo of $162.60 million in the last year. It has incurred net capital expenditure of $141.40 million on net basis during the year, down 30.89 percent or $63.20 million from year ago.
Cash flow from financing activities was $2,372.90 million for the year as against cash outgo of $448.10 million in the last year period.
Cash and cash equivalents stood at $481.10 million as on Jul. 03, 2015, down 14.24 percent or $79.90 million from $561 million on Jun. 27, 2014.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
