Harman Q1 Earnings Rise, Results Beat Estimates; Confirms Annual Guidance

(RTTNews) - Harman International Industries, Inc. (HAR) Thursday reported increase in first-quarter profit. Profit as well as revenues topped analysts' expectations. It also reiterated its guidance for fiscal year, but below analysts' view.

The company further said Sandra Rowland, vice president - Corporate Development and Investor Relation, will replace Herbert Parker as chief financial officer with effect from January 1. She will also take up the role of Executive Vice President.

Net profit surged to $82.97 million or $1.18 per share, from $46.45 million or $0.66 per share last year. Excluding certain items, the company recorded a profit of $91.9 million or $1.33 per share.

On average, eight analysts polled by Thomson-Reuters estimated earnings to be $1.11. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA for the first quarter totaled $163.6 million, the company said in a statement.

Harman's net revenues grew to $1.428 billion from $1.172 billion in the previous year. Analysts projected revenues to be $1.36 billion.

The company recommended a quarterly cash dividend of $0.33 per share to shareholders on record November 10, payable November 24.

Harman confirmed its annual guidance and expects non-GAAP earnings per share of $5.25 and sales of $6.0 billion. Analysts see annual earnings of $5.46 per share.