Greenwich's Harman International Industries nearly quintupled its fiscal third-quarter profit amid strong sales for its high-end home and luxury-auto audio systems.
For three months ended March 31, Harman netted $173 million, or $2.38 a fully diluted share, in GAAP income, up from $37 million, or 51 cents a share, netted the same three-month period a year ago.
Third-quarter sales, including currency changes, grew 16 percent to $1.1 billion vs. $948 million.
Harman's is popular among audiophiles worldwide for its JBL and Harman Kardon home-audio systems, as well as its Mark Levinson sound systems in Lexus and other luxury marques.
Meantime, Harman declared a dividend of 7 ½ cents a share to be paid May 24 to stockholders on record by May 10.