Harman International Falls 13.7% On Earnings Miss (NYSE: HAR)

Shares of Harman International Industries HAR are trading down 13.7% at $29.17 per share on Friday afternoon. The day's trading range for shares of Harman International Industries has been between $29.12 and $32.50 per share. Analysts covering the company's stock have a consensus price target of $44.33 per share. Volume of 3 million shares is already more than double the daily average volume of 1.3 million shares. Harman International Industries (HAR) released financial results on Thursday after the closing bell that missed Wall Street earnings estimates. The company announced fiscal 4th quarter earnings of 30 cents per share, on revenue of $851 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 32 cents per share, on revenue of $846.31 million. Chairman, president and CEO Dinesh C. Paliwal said, “Our progress during the quarter has been extremely encouraging, with all key performance indicators improving. The next generation technology developed at Harman is capturing market share and delivering increased value to our customers. Additionally, we are driving value by optimizing our business portfolio and global footprint, transforming our cost structure, and accelerating our growth into emerging markets.” Read more from Benzinga's Company news.