- Operational excellence and new product launches lead the performance improvement
- Company holds solid cash position helped by positive cash from operations
- $200M cash from QNX divestiture to be deployed in strategic acquisitions
- Harman to acquire Brazilian audio leader Eletrônica Selenium S/A
- Company announces mid-term revenue and earnings guidance for Fiscal Year 2013
Stamford, CT, April 29, 2010 – Harman International (NYSE: HAR), the leading global audio and infotainment group, today announced results for the Third Quarter FY 2010 ending March 31, 2010. Net sales for the quarter were $848 million, an increase of 42 percent compared to the same period last year. Excluding foreign currency translation, net sales increased by 36 percent. Excluding non-recurring items, the third quarter generated a non-GAAP operating profit of $37 million, compared to a non-GAAP operating loss of ($72) million last year. On the same non-GAAP basis, earnings per diluted share were $0.31 for the quarter compared to a loss per diluted share of ($0.93) last year. On a GAAP basis, earnings per diluted share were $0.26 for the quarter compared to loss per diluted share of ($1.17) last year.
“We are very pleased by the clear impact of our initiatives to accelerate new product introductions, reduce costs and increase productivity, combined with some encouraging improvement in key markets,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO. “Our culture of relentless execution is starting to pay off as we deliver upon pent-up market demand, and our customers continue to reward us with new business. We are sharpening our portfolio through strategic partnerships and we are exploring potential acquisitions that would complement organic growth. We are accelerating our brand marketing activities in both established and emerging markets to reinforce the profitable growth potential that is characterizing a new and energized HARMAN.”
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