Harman International Industries Reports Mixed Results (HAR)

Stamford, Connecticut-based Harman International Industries Inc. HAR announced on Thursday morning that it beat consensus Wall Street earnings estimates, while failing to meet revenue expectations. Harman International Industries Inc reported that its 2nd quarter net income from continuing operations climbed to $53 million, or 74 cents per share, up from $13 million, or 19 cents per share, a year earlier. Excluding special items, the company's earnings came in at 79 cents per share. Harman International Industries Inc reported revenue of $956 million, up 3% from $928 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 52 cents per share, on revenue of $963.11 million. Harman International Industries Inc. (HAR) closed the previous trading day at $43.50 per share. Analysts covering the company's stock give it a consensus price target of $53.75 per share. Harman International Industries Inc designs, manufactures and markets a wide range of audio and infotainment solutions for the automotive, consumer and professional markets – supported by 15 leading brands including AKG, Harman Kardon, Infinity, JBL, Lexicon and Mark Levinson. Read more from Benzinga's Company news.