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Harris Corporation second quarter revenue increases 30 percent

2008-02-06 15:33:51
 

Harris Corporation reported revenue for its second quarter of fiscal year 2008 of $1.3 billion, an increase of 30 percent compared to $1.0 billion in the prior-year quarter. Organic revenue, excluding the impact of prior-year acquisitions, increased 13 percent compared to the prior-year quarter. Sequentially, revenue increased 7 percent compared to the first quarter. Net income was $114 million, or $.83 per diluted share, compared to $94 million, or $.67 per diluted share, in the prior-year quarter. Non-GAAP net income, excluding acquisition-related costs, increased 26 percent to $120 million, or $.87 per diluted share, compared to $95 million, or $.68 per diluted share, in the prior-year quarter.

"Harris maintained its strong momentum in both revenue and earnings growth in the second quarter, with higher revenue across all of the company's operating segments," said Howard L. Lance, chairman, president and chief executive officer. "We expect every segment to deliver higher revenue and improved operating income in fiscal 2008, compared to the prior year.