By RTT News,
January 30, 2014, 09:20:00 AM EDT
(RTTNews.com) - Infotainment and audio group Harman International Industries, Inc. ( HAR ) reported net income for the second quarter of $72 million or $1.03 per share, up from $47 million or $0.68 per share in the year-ago period.
Excluding items, adjusted earnings for the latest quarter were $76 million or $1.09 per share, compared to $41 million or $0.59 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter grew 26 percent to $1.33 billion from $1.06 billion in the year-ago period. Analysts had a consensus revenue estimate of $1.24 billion.
The company noted that the strong sales increase was a result of several initiatives in each of its three divisions in addition to improved economic conditions.
Infotainment net sales increased due to the expansion of recent production launches and higher take rates. Lifestyle growth was primarily driven by new product launches, the impact of increased marketing investments in the home and multimedia business, and increased take rates in the car audio business.
The Professional division reported strong growth as a result of the expansion of the company's product portfolio into lighting as well as increased demand for the company's audio products at live entertainment events and in fixed-installation venues.
Looking ahead to fiscal 2014, Harman raised its outlook for earnings to about $4.16 per share and sales to about $5.1 billion. Earlier, the company forecast earnings for the year of about $3.85 per share and sales of about $4.7 billion. Street expects the company to earn $3.98 per share for the year on revenues of $4.85 billion.
Harman declared a cash dividend on January 30, 2014 of $0.30 per share for the quarter ended December 31, 2013. The quarterly dividend will be paid on February 25, 2014, to each stockholder of record as of the close of business on February 10, 2014.
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