August 13, 2012

Stamford Harman's 4Q, full-year sales, profits soar

Harman International Industries Inc.'s fiscal fourth-quarter and full-year sales and profits rallied on strong global demand for the Stamford maker of home-auto audio gear.

For three months ended June 30, Harman netted $49 million, or 69 cents a diluted share, up 161 percent from $19 million, or 26 cents a share, netted the comparable quarter a year ago.

Fourth-quarter sales rose 6 percent to $1.1 billion vs. $1.03 billion last year.

For the fiscal 12 months, Harman netted $330 million, or $4.57 a share, up 143 percent from $136 million, or $1.90 a share, gained a year earlier.

Fiscal-year sales grew 16 percent to $4.4 billion vs. $3.8 billion last year.

Harman Chairman, President and CEO Dinesh Paliwal said the company's strong results reflect its investment in the successful integration of its technologies with Google, Apple, Microsoft, among others, into its audio products for home, office and auto.

Paliwal said Harman also benefitted strong auto demand, particularly luxury vehicles sporting its high-end audio gear built in the U.S., Europe and Asia.

Harman's brands include JBL, Infinity, Harman-Kardon and Mark Levinson.

Separately, Harman said it will pay its dividend of 15 cents a share on Sept. 4 to stockholders on record by Aug. 20.

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