Harman International Industries Inc. (NYSE:HAR) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Harman International Industries Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.76% to $0.79 in the quarter versus EPS of $0.74 in the year-earlier quarter.
Revenue: Decreased 3.09% to $1.06 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Harman International Industries Inc. reported adjusted EPS income of $0.79 per share. By that measure, the company beat the mean analyst estimate of $0.61. It missed the average revenue estimate of $1.07 billion.
Quoting Management: Dinesh C. Paliwal, the Company’s Chairman, President and CEO, said, “I am pleased with the double digit growth in our Lifestyle Division’s home and multimedia product lines and the expansion of our Professional business with the acquisition of Martin. Despite the prolonged economic slow-down in Europe, we are successfully executing our operational and cost management programs and delivered improved earnings per share. As a result, we have raised our earnings per share guidance for fiscal 2013.”
Key Stats (on next page)…