Harris 3Q revenues jump 22 percent Wednesday May 2, 10:41 am ET
Harris Corp. has reported that its third quarter revenues increased 22 percent to $1.07 billion, compared to $881 million during the same period last year. Net income increased to $100.5 million, or 72 cents per diluted share, a 24 percent jump over the 2006 third quarter.
The stronger performance was due to higher revenue and strong operating performance in the company's government communications systems and radio frequency communications divisions, Harris says.
The company's board has also approved a $600 million share repurchase program with the first $200 million to be acquired during the current quarter with the remainder to be purchased over the next 24 months.
Melbourne-based Harris (NYSE: HRS - News) is an international communications and information technology company that employs more than 6,500 people in Brevard County.