Harman International Industries (
reached a new 52-week high of $88.47 on Friday, Jan 10, 2014. The
bullish run reflects Harman's impressive product pipeline, solid
patent portfolio and new business awards.
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The closing price of Harman on Jan 10 was $88.28, representing a
strong one-year return of about 76.1%. The S&P 500 jumped
25.3% during the same period.
Harman delivered a positive earnings surprise of 2.54% over the
past four quarters. This Zacks Rank #2 (Buy) stock has a market
cap of $5.96 billion and a long-term expected earnings growth
rate of 20.5%.
Key Growth Catalysts
Harman continues to win new business awards. In the first
quarter, the company's Infotainment division won customer awards
worth $1.3 billion from the likes of Volkswagen, Daimler AG,
Geely Motors, Mazda and Ssangyong Motor Company.
Lifestyle division won new awards from customers such as
Toyota Motors (
, Lexus and BMW. The company also won an award to provide 4G
connectivity solutions to the Mercedes-Benz car line worldwide.
Harman started production on new Toyota programs in Europe during
the first quarter.
During the second quarter (ended Dec 31, 2013), Harman completed
the acquisition of Duran Audio, which will further expand its
product portfolio, going forward.
Moreover, Harman continues to expand through its partnerships
with the likes of
. We believe that the new restructuring program will
significantly improve profitability in the near term. This will
provide Harman a competitive edge over the likes of
Sony Corp. (
, going forward.
For the second quarter of 2014, the Zacks Consensus Estimate
increased a penny to 97 cents over the past 60 days.
For fiscal 2013, the earnings estimate jumped 2 cents to $4.00
per share over the past 60 days. For fiscal 2014, the earnings
estimate jumped 1.0% (5 cents) to $5.05 per share over the same