MELBOURNE, Fla.-Shares of Harris Corp. jumped Friday after the communications technology provider raised its outlook for fiscal year 2006.
After Thursday’s closing bell, Harris said demand for its tactical radios would help push its revenue growth to more than 10 percent for the year, and revised its projected earnings per share by 20 percent. The company said it now expects to post earnings of $1.73 to $1.78 a share; it had previously forecast $1.63 to $1.68 a share.
The radios are used by U.S. and allied militias well as international peacekeeping forces.
Harris stock rose by more than 13 percent by mid-day Friday, climbing to $32.11 in mid-day trading on the New York Stock Exchange.
“We have increased our expectations for revenue growth in the RF Communications segment from 10 percent to 20 percent compared to the prior year,” said Howard L. Lance, Harris’ chairman and chief executive officer.
