Harman Q1 Results Top Estimates - Quick Facts

(RTTNews) - Infotainment and audio group Harman International Industries, Inc. (HAR) Thursday said first-quarter net income dropped to $46.45 million from $54.56 million in the previous year. Earnings per share declined to $0.66 from $0.79.

Excluding restructuring and non-recurring charges, earnings per share were $0.95 for the just concluded quarter.

On average, 6 analysts polled by Thomson Reuters expected earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales climbed 17 percent to $1.172 billion from $998.19 million, as all three of the company's divisions reported sales increases. Wall Street expected revenues of $1.11 billion.

The firm attributed the increase to the expansion of recent production launches in the Infotainment division, growth in home and multimedia and car audio within the Lifestyle division, and the expansion of the company's product portfolio into lighting within the Professional division.

Dinesh Paliwal, CEO, said, "We are pleased that our fiscal year is off to a solid start with all three of our divisions reporting double-digit top line growth, which resulted in stronger bottom-line performance...Our patent count jumped from 4,900 to over 5,200 patents and filings, a further testament to our technology leadership."