Aug. 6--Melbourne-based Harris Corp. regained its traction on Wall Street on Tuesday as the company posted higher profit and revenue for its most recent quarter.

The largest high-tech company based in Central Florida earned $122 million, or 90 cents a share, up nearly 40 percent from $88 million, or 63 cents a share, in the same quarter in 2007. Revenue rose 19 percent to $1.4 billion. Harris' official fourth-quarter results confirmed the company's preliminary figures released last week.

Harris fell just short of Wall Street's average forecast. Analysts expected an average earnings-per-share of 98 cents on revenues of $1.42 billion, according to Thomson Financial's survey.

Still, Harris stock price increased 2.5 percent on Tuesday to close at $48.66. The company's shares took a hit last week after its Harris Stratex subsidiary disclosed major cost-accounting errors that will require a restatement of earnings as far back as 2005. Harris said then that the errors would not have a material effect on its earnings.

Investors were heartened Tuesday that Harris confirmed its earlier earnings guidance for fiscal 2009 to be in the range of $4.05 to $4.15 a share. That would represent a year-over-year increase of 19 percent to 22 percent. Revenue is expected to rise 8 percent to 10 percent in 2009.

Richard Burnett can be reached at rburnett@orlandosentinel.com or 407-420-5256.

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Story Source: The Orlando Sentinel