U.S. Government Slows Spending

S&P 500 component  Harris Corporation reported its results for the third quarter. Harris Corp. is an international communications and information research company serving commercial markets and government.

Results: Net income for the communication equipment company fell to $139.5 million vs. $166.2 million a year before. A decline of 16.1% from the year before quarter.

Quoting Management: "Harris continued to deliver solid results in the fiscal third quarter, despite slowing U.S. Government spending and a difficult comparison to the prior-year third quarter. Operating margins continued to be strong in both the RF Communications and Government Communications Systems segments," said Howard L. Lance, chairman, president and chief executive officer. "Our new Integrated Network Solutions segment is then positioned to deliver future revenue growth and margin expansion as we expand into attractive commercial markets including healthcare, energy, new media, cloud computing, and IT services. We are taking our proven products and capabilities to markets where advanced communications and information technologies are in high demand. In spite of some headwinds, we remain confident that we will enter fiscal 2012 with good momentum and deliver continued growth in revenue and revenues."

Key Stats: Over the last five quarters, revenue has increased 26.5% on average year over year. The biggest increase came in the fourth quarter of the last fiscal year, when revenue rose 93.6% from the year previously quarter.

Competitors to Watch: ViaSat, Inc., EMS Technologies, Inc., Motorola Solutions Inc, Comtech Telecomm. Corp., ITT Corporation, Globecomm Systems, Inc., SeaChange International, Avid Research, Inc., Telefonaktiebolaget LM Ericsson, and Technicolor S.A.

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