Harman International Industries Inc. (NYSE:HAR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Harman International Industries Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 35.82% to $0.91 in the quarter versus EPS of $0.67 in the year-earlier quarter.
Revenue: Rose 8.36% to $1.18 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Harman International Industries Inc. reported adjusted EPS income of $0.91 per share. By that measure, the company beat the mean analyst estimate of $0.86. It beat the average revenue estimate of $1.14 billion.
Quoting Management: Dinesh C. Paliwal, the Company’s Chairman, President and CEO, said, “I am pleased that all three of our divisions reported top line growth in the quarter, which resulted in stronger bottom line performance. We had a phenomenal year for innovation, adding nearly 500 patents and patents pending bringing our intellectual property portfolio to nearly 5,000. At the same time, we continued to take actions to lower the cost base to improve both our short and long term profitability. Positive momentum in all three of our divisions, combined with a more competitive cost structure and world class innovation, positions us well as we begin fiscal 2014.”
Key Stats (on next page)…