Harman International posts profit in fiscal 4th quarter on ‘unexpected’ demand

By AP
Thursday, August 5, 2010

Harman International reports fiscal 4Q profit

STAMFORD, Conn. — Audio and entertainment products maker Harman International Industries Inc. reported a profit for the fiscal fourth quarter Thursday as an “unexpected” increase in sales helped it come back from a loss a year ago.

Harman said it earned $18.4 million, or 26 cents per share, for the quarter that ended in June. For the same period last year, the company reported a net loss of $60.2 million, or $1.01 per share.

Excluding one-time charges, Harman said it earned 30 cents per share.

That’s less than Wall Street was expecting. Analysts surveyed by Thomson Reuters forecast net income of 32 cents per share.

Revenue jumped 29 percent to $850.7 million from $659.9 million. Analysts surveyed by Thomson Reuters on average predicted $846.3 million.

“We were pleased to see an unexpected increase in demand this quarter,” CEO Dinesh Paliwal said in a statement.

As a result, to ensure it could keep meeting demand, he said, the company spent more on procurement, logistics, sales, marketing and business development.

Revenue in the company’s largest division, automotive, jumped 35 percent to $627 million and recorded an operating profit of $34 million.

For the full fiscal year, Harman’s net income was $35.2 million, or 50 cents per share. For the prior year, it reported a net loss of $422.3 million, or $7.19 per share.

Revenue for the year increased 18 percent to $3.36 billion from $2.85 billion in the previous year.

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