International telecommunications provider Harris Corp. (NYSE: HRS – $82.24) reported third quarter adjusted earnings at $1.32 per share, better than the analyst consensus of $1.22 per share. Revenue, however at about $1.19 billion, was below expectations of $1.23 billion. Performance remained solid in the period, and Harris remains confident in delivering good operating results for the full fiscal year. The company increased earnings per share guidance by $.05 to reflect a lower than anticipated tax rate of about 30% and lowered revenue guidance. HRS continuing focus on operational excellence and lowering costs is supporting earnings and higher investment in R&D in the face of continuing market headwinds in Public Safety, IT Services and CapRock energy. Tactical Communications continues to enjoy international strength and some improvement in the U.S. market, as well as in its Government Communications business. Harris increased its fiscal 2015 guidance for income from continuing operations per share from a range of $4.95 to $5.05 to a range of $5.00 to $5.10. The Street consensus is $5.01 per share. Harris also updated fiscal 2015 revenue guidance from a decline in a range of 1 to 3 percent to an expected decline of about 4 percent. The fiscal 2015 guidance does not include any impact from the pending acquisition of Exelis. The fiscal 2015 results would include potential post-closing revenue and income attributable to Exelis, increased share count from the transaction and acquisition-related costs that are expected to be in a range of $270 million to $290 million. Separately, Harris said that it has received $74 million in orders from an international customer to deliver Falcon tactical radios as the next phase of the country’s tactical communications modernization program. The shares, up over 13% over the past year, are at new all-time highs despite a slowdown in domestic defense spending, provide a well-supported yield of 2.8% and remain attractive for aggressive accounts.