S&P 500 (NYSE:SPY) component Harman International Ind. Inc. (NYSE:HAR) reported net income above Wall Street’s expectations for the third quarter. Harman International Industries Inc. is a global audio equipment company. It is engaged in the design, development, manufacturing and marketing of high-quality audio products. It also offers electronic systems for vehicle applications.
Harman International Ind Earnings Cheat Sheet for the Third Quarter
Results: Net income for the electronic equipment company rose to $37 million (51 cents/share) vs. $18.3 million (26 cents/share) in the same quarter a year earlier. A more than twofold rise from the year earlier quarter.
Revenue: Rose 11.8% to $948 million YoY.
Actual vs. Wall St. Expectations: HAR beat the mean analyst estimate of 46 cents/share. Estimates ranged from 42 cents per share to 49 cents per share.
Quoting Management: “Our continued focus on execution has helped us achieve a sixth consecutive quarter of top and bottom line growth,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO. “I’m pleased that we have achieved our ambitious goal of a $400 million STEP Change Cost Savings program, announced in February 2008. This early decision enabled Harman to overcome the global economic downturn and return to profitability faster than the industry. Having developed a culture of efficiency, we have the foundation to capitalize on multiple profitable growth opportunities. The adoption of our innovative next-generation scalable platform continues to accelerate with the VW Group’s Asian business. Awards for this platform now exceed $3.5 billion, bringing our total backlog to $13 billion. We have also won multiple orders from Chinese automotive companies for our branded audio systems. We are executing our emerging market growth strategy and excellent progress is being made across all divisions,” added Paliwal.
Competitors to Watch: Rockford Corporation (ROFO), DEI Holdings, Inc. (DEIX), Bogen Communications Intl., Inc. (BOGN), Panasonic Corp. (NYSE:PC), Sony Corporation (NYSE:SNE), Audiovox Corporation (NASDAQ:VOXX), Koss Corporation (NASDAQ:KOSS), Emerson Radio Corp. (AMEX:MSN), Apple Inc. (NASDAQ:AAPL), and Mad Catz Interactive, Inc. (AMEX:MCZ).
Today’s Performance: Shares of HAR are trading at $49.68 as of April 28, 2011 at 3:52 PM ET, down 3.6% from the previous closing price of $50.55.