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

Cal Biesecker By
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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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