Orlando, FL 4/30/12 (StreetBeat) -- Harman International Industries Inc. (NYSE: HAR) rose the most in six months after the maker of car audio systems reported third-quarter profit that exceeded analysts’ estimates and announced a record-high $2 billion contract.The shares gained 10 percent to $52.04 at 10:22 a.m. in New York, after advancing 11 percent for the biggest intraday increase since Oct. 21. They rose 27 percent this year before today after falling 18 percent during all of 2011.
Quarterly profit excluding a tax-related gain and costs for restructuring was 74 cents a share, compared with the 67-cent average of three analysts’ estimates compiled by Bloomberg. The Stamford, Connecticut-based company in a statement today also said it won the contract from an automaker it didn’t identify for systems that provide in-car information and entertainment.
Net income in the quarter ended March 31 more than quadrupled to $172.7 million, or $2.38 a share, from $36.6 million, or 51 cents, a year earlier, Harman said. Revenue rose 16 percent to $1.1 billion, helped by a 15 percent gain in sales of so-called infotainment systems, which connect vehicles to the Internet.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.
StreetBeat Disclaimer
No comments:
Post a Comment