Harman International Q3 Results Miss View, Lowers 2015 Earnings Outlook

(RTTNews) - Harman International Industries, Inc. (HAR) reported third-quarter net income of $70.30 million or $0.99 per share, down from $73.39 million or $1.05 per share in the prior year.

Excluding items, adjusted earnings for the quarter were $1.22 per share, compared to $1.12 per share in the year-ago period. On average, 9 analysts polled by Thomson Reuters expected the company to earn $1.27 per share for the quarter. Analysts estimates usually exclude special items.

Net sales for the quarter rose 4 percent to $1.46 billion from $1.40 billion in the same period last year. Excluding the impact of foreign currency translation, net sales were up 14 percent. Analysts were looking for $revenues of $1.48 billion.

Looking ahead to fiscal 2015, Harman International now forecasts revenue of $6.0 billion and operational earnings of $5.65 per share. Earlier, the company forecast revenue of $6.0 billion and operational earnings of $5.85 per share.

The company noted that the majority of the earnings per share reduction is related to weakness in certain geographic markets in its Professional business, with the remainder being foreign currency translation impact on the total company.

Wall Street expects the company to report earnings per share of $5.86 per share for the year on revenues of $6.06 billion.

Separately, Harman International said that new orders from global automakers in the first four months of calendar 2015 totaled $3.2 billion. The secured business includes new global awards with top OEMs, including BMW Group for infotainment and audio solutions as well as Daimler AG and GAC Fiat for infotainment solutions.

In yet another announcement, Harman International declared a cash dividend of $0.33 cents for the quarter ended March 31, 2015, payable on May 26, 2015, to each stockholder on record May 11, 2015.