Harris reports sales growth

By Marjorie Censer / August 2, 2016 at 9:38 AM

Harris Corp. said today that sales in the company's most recent quarter hit $1.9 billion, up from $1.5 billion in the same three-month period a year earlier.

The contractor reported quarterly profit of $160 million, compared to a $56 million quarterly loss in the prior year.

For the company's fiscal year, which ended July 1, Harris said revenue grew to $7.5 billion, up from $5.1 billion in fiscal year 2015. The company bought Exelis in FY-15.

But profit for the year dropped to $324 million, down from $334 million the prior year.

Harris also said today that it and JANA Partners, one of Harris' top ten largest shareholders, have agreed to appoint "two new mutually agreed independent directors to the Harris Board of Directors."

"In connection with this agreement, JANA has agreed to certain standstill, voting and support commitments that are expected to continue until June 2017," Harris added.

Bill Brown, Harris' chief executive, said during a morning call with investors that the agreement with JANA was "constructive." He said both new directors would stand for election in October.

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