Harman International Beats Estimates (HAR)

Harman International Industries HAR on Tuesday morning released financial results that beat Wall Street expectations. Harman International Industries reported that its fiscal 1st quarter earnings from continuing operations were 39 cents per share, compared to a loss of 17 cents per share a year earlier. The company's adjusted earnings from continuing operations were 35 cents per share. The company's quarterly net sales rose 12% to $837 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 27 cents per share, on revenue of $802.03 million. Chairman, president and CEO Dinesh C. Paliwal said, “We are very pleased by this continued progress, marking four consecutive quarters of year-on-year improvement in both top line and profitability. Our innovation pipeline and our $12 billion backlog of awarded business reinforce HARMAN's leadership position. Our successful STEP Change cost reduction program and emerging markets footprint expansion are yielding both cost advantages and new market opportunities. Our recent two-notch credit upgrades reflect our strong balance sheet, new business awards, permanent cost reductions and improved conditions in our served markets.” Harman International Industries (HAR) ended the previous trading session at $33.48 per share. Analysts covering the company's stock have a consensus price target of $38.25 per share. Read more from Benzinga's Company news.