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Harris Swings To Loss In Second Quarter On Oil And Gas Woes

Harris Swings To Loss In Second Quarter On Oil And Gas Woes
Harris Corp. Chairman, President and CEO William Brown. Photo: Harris

Harris Corp. [HRS] on Tuesday reported a net loss in its second quarter due to a write down in one of its businesses that supplies communications systems to the reeling oil and gas sector.A non-cash $328 million after-tax charge at the CapRock business drove net income to a $152 million, $1.23 earnings per share (EPS), loss versus $139 million ($1.32 EPS) in net income a year ago. The write down of goodwill and other assets was due to the downturn…

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