Share “Harman 4Q profit jumps”

Harman 4Q profit jumps

Published on NewsOK Modified: August 7, 2014 at 11:31 am •  Published: August 7, 2014

STAMFORD, Conn. (AP) — Audio equipment maker Harman International Industries Inc. on Thursday reported net income jumped in its fiscal fourth quarter, and topped analysts' expectations.

The Stamford, Connecticut-based company said earnings increased to $43 million, or 62 cents per share, from $5 million, or 8 cents per share, in the same quarter a year ago.

Earnings, adjusted for non-recurring costs, were $1.25 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.

The company said revenue rose 22 percent to $1.44 billion from $1.18 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $1.4 billion, according to Zacks.

The company said annual net income climbed 65 percent to $235 million, or $3.36 per share, from $142 million, or $2.04 per share, a year earlier. Annual revenue increased 24 percent to $5.35 billion from $4.3 billion.

Harman International Industries shares have climbed $29.41, or 36 percent, to $111.26 since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 4 percent. The stock has increased $50.59, or 83 percent, in the last 12 months.