Summary
L3Harris Technologies (formerly Harris Corporation) announced its first-quarter fiscal year 2006 results and revised its full-year earnings guidance. The company is providing guidance on both GAAP and non-GAAP financial measures, with the non-GAAP figures excluding certain charges related to cost reduction actions in the Broadcast Communications segment and acquisition costs for Leitch Technology Corporation. Investors should pay close attention to the distinction between these measures to understand the underlying operational performance of the company.
Key Highlights
- 1Harris Corporation released its Q1 FY2006 results on October 26, 2005.
- 2The company revised its full-year fiscal 2006 non-GAAP earnings per diluted share guidance upwards to a range of $2.00-$2.10, from the previous $1.80-$1.90.
- 3GAAP earnings per diluted share guidance for fiscal year 2006 is $1.77 to $1.87, reflecting the exclusion of certain charges.
- 4The financial results and guidance discussion include non-GAAP financial measures.
- 5These non-GAAP measures exclude costs associated with facility shutdowns, relocation expenses, severance costs, and acquisition costs for Leitch Technology Corporation.
- 6The company believes these non-GAAP measures provide useful insights into period-over-period operating results, separate from potentially disproportionate impacts.
- 7Exhibit 99.1 contains the full press release and related financial tables.
Frequently Asked Questions
Harris Corporation is presenting non-GAAP financial measures to provide investors with a clearer view of the company's operating performance by excluding costs that management believes have a disproportionate impact on results in any particular period. These excluded costs include those related to cost-reduction actions in the Broadcast Communications segment and acquisition expenses for Leitch Technology Corporation.
Harris Corporation increased its non-GAAP earnings per diluted share guidance for fiscal year 2006. The new range is $2.00 to $2.10 per diluted share, an increase from the previously provided range of $1.80 to $1.90 per diluted share.
The non-GAAP earnings per diluted share guidance for fiscal year 2006 is between $2.00 and $2.10. The GAAP earnings per diluted share guidance, which includes the aforementioned charges, is lower at $1.77 to $1.87.
The non-GAAP financial measures exclude costs associated with facility shutdown, relocation expenses, severance costs, and other charges related to cost reduction actions in the Broadcast Communications segment, as well as costs associated with the acquisition of Leitch Technology Corporation.