Harris Corp. (HRS) declared better-than-expected results for the fiscal first quarter.  Net income was $109 million or 83 cents per share, compared to a net income of $119.4 million or 89 cents per share in the year-ago quarter. EPS of 83 cents was significantly higher than the Zacks Consensus Estimate of 78 cents. Total revenues were $1,203 million mostly in line with the Zacks Consensus Estimate of $1,206 million. However, this was an improvement of 2.6% year over year.

Results were encouraging primarily due to strong performance in both the RF Communications and Government Communications Systems segments. During the reported quarter, Harris received $220 million in orders for the new Falcon III AN/PRC-117G multi-band manpack radio. New orders in the first quarter were $1.5 billion, an improvement of 16.3% over the previous quarter. According to our assessment, in the near-future, the company will benefit from higher defense expenditure by the

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Harris Corp. (HRS) recently won a  $419 million Basic Purchasing Agreement contract to supply the U.S. Army with Falcon III AN/PRC-117G multi-band tactical radios & vehicular power-amplifier adapter systems. The initial delivery order under the contract is valued at $165 million. Harris’ Falcon III AN/PRC-117G radios will be deployed by the U.S. Army for missions worldwide to provide next-generation, high-speed tactical satellite network and voice-and-data communications.   Harris has a strong market position in the government communications sector, with a broad product line and an enviable win rate on government contracts (more than 60% historically). The company’s Falcon III tactical radios are being widely used by U.S. Special Operations forces, the U.S. Army and various NATO and “Partnership for Peace" countries. Several industry researches have predicted that tactical radio segment may provide a multi-billion dollar business opportunity to Harris in the next couple of years as overall defense ...

Harris Corp. (HRS) reported blockbuster fourth quarter results yesterday. Total revenues of $1.29 billion were up 4% year over year and well above the Zacks Consensus Estimate of $1.21 billion. Quarterly net loss from continuing operations was $83.5 million or a loss of 64 cents per share, compared to a net income of $134.5 million or an income of 99 cents per share in the previous quarter. However, adjusted EPS (excluding non-cash special charges), in the same quarter was 91 cents, significantly exceeding the Zacks Consensus Estimate of 83 cents.   During the fourth quarter, cost of sales was $888.5 million, compared to $831.1 million in the prior-year quarter. Engineering, selling, & administrative expenses were $212.6 million, compared to $206.4 million in the year-ago quarter. For fiscal 2009, Harris generated $666.8 million of cash from operations, compared to $555.5 million in the prior fiscal year. Free cash flow (cash

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HRS, Harris Corp.

HRAL, HearAtLast Holdings Inc, HRAL.PK

 

DrStockPick Watch List!

 

DrStockPick Watch List! for Thursday August 13, 2009

 

My Picks for Thursday August 13, 2009 are:

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HRS, Harris Corp.

HRS together with its subsidiaries, operates as a communications and information technology company that serves government and commercial markets worldwide.

HRS operates in four segments: Defense Communications and Electronics, Government Communications Systems, Broadcast Communications, and Harris Stratex Networks.

Headquartered in Melbourne, Florida, HRS has approximately $5 billion of annual revenue and 15,000 employees — including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services.

**Today, after Closing Bell, HRS reported better-than-expected quarterly results.

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Retailers will start to release second-quarter results this week, accounting for nearly 10% of the 246 scheduled reports. Dow component Wal-Mart (WMT) will be joined by 15 other members of the S&P 500, including J.C. Penney (JCP), Kohl's (KSS) and Macy's (M).

The Fed will hold a 2-day meeting on Tuesday and Wednesday. No change in interest rates will be made, though the statement should acknowledge that the economy is nearing stabilization.

The bond markets could be volatile, not only because of the Fed meeting, but also because of quarterly refunding. The Treasury Department will auction 3-year, 10-year and 30-year bonds. The offerings should total $75 billion.

Most of the week's economic data will be released after the Fed's meeting, with the exception of the preliminary estimate of Q2 productivity. We'll see the latest industrial production and consumer sentiment numbers on Friday.

Tuesday: Q2 productivity Wednesday: June

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Harris Corp. (HRS) reduced its fiscal 2009 guidance and boosted its fiscal 2010 outlook.

The company now expects fiscal 2009 adjusted earnings between $3.77 and $3.79 per share, compared to the earlier forecast of $3.93 to $4.03. Harris cited charges related to cost-reduction initiatives along with the spin-off of Harris Stratex Networks Inc. (HSTX) as primary reasons for the reduced guidance.

The average forecast for the fiscal year ending this month is $3.92 per share, which has moved down 4 cents over the past month as 10 of 13 analysts lowered guidance.

Harris also increased its fiscal 2010 earnings forecast to between $3.20 and $3.50 per share, excluding items on account of lower amortization expenses. The previous guidance was $3.10 to $3.40.

The consensus is calling for $3.11 for the fiscal year ending June 2010, which has declined $1 over the past month as 12 out of

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div style="text-align: justify;"JP Morgan is out with a substantial call on span style="font-weight: bold;"Harris Corp (NYSE:HRS) /spandowngrading the shares to Underweight from Neutral while lowering tgt to $27 from $37.br /br /The firm believes RF sales growth could seriously disappoint as soon as the June quarter, and their estimates are well below consensus for each of the next three years. Relative to other defense companies they follow, Harris is less diversified and enjoys less visibility yet still trades at a premium.br /br /span style="font-weight: bold;"RF could roll over as soon as Q4/span. Six-month sales in RF have typically been ~85% of the backlog at the start of that period in recent years. However, in order to reach RF sales growth guidance, 2H sales must be 130% of the December 31 backlog, making an FY09 miss likely in firm's view. They assume that HRS achieves RF sales of 114% of its ...

We all know that the stimulus package is going to be the big spending bill of the year, making it the ‘pork barrel’ – so to speak. The fact that there is going to be quite limited appropriations of cash for the rest of 09, this does a lot for us in determining the timing of investments on Obama Stocks. Expect us to be all over this for the remainder of the weekend.

After reviewing some of the major provisions found in the stimulus package that will be signed early next week, we at Election Stocks feel that it is about time to pull the trigger on a few key sectors.

* Highways: $30 billion, School renovation: $20 billion, Transportation projects: $16 billion, Water projects: $8.4 billion

There’s a hunch that these four provisions might fall under the responsibility of our standard …

Companies highlighted in this weekly wrap include Archer-Daniels-Midland Co. (ADM), McDonald's Corp. (MCD), Procter & Gamble Co. (PG), Harris Corp. (HRS) and L-3 Communications Holdings, Inc. (LLL)

< ?DART(15);?> Archer-Daniels-Midland Co. (ADM) has seen bullish earnings estimate revisions from analysts, including a 3% boost in past week.

Estimates are in the Rise

For the year ending June 2009, the consensus estimate continues to stand at $3.40 per share as was the case when ADM was featured as Growth and Income in late December. Three months, ago Wall Street was forecasting $2.46 per share. The most accurate estimate is a more bullish $4.00 per share.

While the following year's forecast of $2.79 per share is lower than the aforementioned $3.40, ADM has a more recent upward revision of 3%, which occurred over the just the past week. The most accurate projection

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Harris Corp. (HRS) compares favorably to its industry. The company's net profit margin of 8.5% and return on equity (ROE) of 21% tops the industry averages of 2.7% and 5%, respectively. HRS also offers a dividend yield 2%, while most of its industry peers pay no income.

< ?DART(15);?> Company Description

Harris is an international communications and information technology company serving government, defense and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has annual revenue of over $5.3 billion and 16,500 employees - including nearly 7,000 engineers and scientists.

Quarterly results Signal Growth

In late October, the company posted first-quarter fiscal 2009 earnings and saw revenue rise 11% to $1.37 billion from $1.23 billion a year ago. Net income rose 19% to $119 million, or 88 cents per share, from $100 million, or 73 cents, in the first quarter of 2008. Analysts had expected

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