Harman Q4 Profit Jumps, Results Top Consensus; Guides FY15 - Quick Facts

(RTTNews) - Harman International Industries, Inc. (HAR), a maker of audio products and electronics, reported a sharp surge in fourth-quarter net income attributable to the company to $43 million, or $0.62 a share, from $5 million, or $0.08 a share, in the prior-year quarter.

Excluding restructuring and non-recurring charges, fourth quarter operating income was $121 million, compared with $87 million last year. On the same non-GAAP basis, earnings per share were $1.25 for the quarter. On average, 9 analysts polled by Thomson Reuters expected the company to report profit per share of $1.21 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter reached $1.44 billion, up 22 percent versus the prior year, as all three of the firm's divisions reported increased sales. Infotainment net sales increased due to the expansion of recent production launches, higher automotive production, and higher take rates, according to the company. Analysts expected revenue of $1.39 billion for the quarter.

Looking ahead to fiscal 2015, the company sees non-GAAP earnings per share of $5.25 and sales of $6.0 billion, while nine analysts estimate earnings of $5.46 per share.

For the fiscal year 2016, sales are now projected to be around $6.85 billion.