Shares of Harris Corp. (HRS) rose 4.2% to $49.48 after the company said it expects fiscal 2009 earnings of $4 to $4.10 a share on revenue of $5.7 billion to $5.8 billion, driven by growth across all operating segments as a result of demand for its information-technology products and services.
Analysts had expected, according to a poll by Thomson Financial, earnings of $3.95 a share on $5.71 billion in revenue.
The Melbourne, Fla., communications equipment said it expects to finish fiscal 2008 with a substantial backlog, which is expected to drive double-digit revenue growth in RF Communications in fiscal 2009. The company also said it expects top-line growth and improved operating performance in its two commercial businesses in the fiscal year ending June 30, 2009.
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