· Earnings per Share increases year-over-year to $0.74 from $0.19
· VW Group $1.2 billion award extends next-generation scalable platform to Premium-High infotainment
· Liquidity increases to $1.3 billion, strengthened by new, 5-year $550 million credit facility
STAMFORD, CT, February 3, 2011 – Harman International Industries, Incorporated, the leading global audio and infotainment group (NYSE: HAR), today announced results for the second quarter ended December 31, 2010. Net sales for the quarter were $956 million, an increase of 3 percent compared to the same period last year, or 7 percent excluding the portable navigation device (PND) business exited in the prior year. In local currency, net sales increased by 8 percent (13 percent excluding PND). Second quarter operating income was $68 million, an improvement of $31 million compared to the same period last year. Earnings from continuing operations per diluted share were $0.74 for the quarter compared to $0.19 in the same period last year. On a non-GAAP basis, earnings from continuing operations were $0.79 compared to $0.36 in the same period last year.
“We are executing our strategic plan very well and have achieved a fifth consecutive quarter of top and bottom line growth,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO. “We remain focused on growing and developing our talent pool, increasing the speed of innovation, flawless project execution and best-in-class cost structure. We continue to balance our footprint in western and emerging markets and strengthen our capabilities globally to take advantage of rapid growth in emerging markets. The adoption of our next generation scalable platform is gaining momentum. Our long term partner Toyota successfully introduced this new system at CES. Additionally, we won a significant award from Volkswagen Group, extending our scalable platform into the Premium-High category.”
“We are now clearly seeing the results of the transformation we have engineered at HARMAN,” said Paliwal. “We are improving profitability across all of our divisions. Our $13 billion in awarded business gives us excellent confidence in our revenue stream going forward. We are very excited about our recent interactions with stakeholders on several continents marking a new era of collaboration unsurpassed in HARMAN’s history.”
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