HARMAN Q3 Results Miss Estimates; Sees Lower Results For FY16, Below Market View

(RTTNews) - HARMAN International Industries, Inc. (HAR), a connected technologies company for automotive, consumer and enterprise markets, reported Thursday third-quarter attributable net income of $89 million, 26 percent higher than last year's $70 million. Earnings per share grew 23 percent to $1.22 from $0.99 last year.

The Company recorded $13 million of restructuring, non-recurring charges and acquisition-related items compared to $23 million in the prior year.

Adjusted earnings per share were $1.36, compared to $1.22 in the prior year. On average, 13 analysts polled by Thomson Reuters expected earnings of $1.43 per share. Analysts' estimates typically exclude special items.

Net sales for the third quarter were $1.63 billion, an increase of 11 percent from $1.46 billion last year. Sales grew 12 percent excluding the impact of foreign currency translation (ex-FX). Analysts were looking for revenues of $1.68 billion.

Further, HARMAN said it updated its financial outlook for fiscal 2016. The Company now forecasts fiscal 2016 revenue of approximately $6.825 billion and operational earnings per share of $6.20, both lower than last year. The majority of the revenue and EPS reduction is related to weakness in the Professional Solutions division as well as supply constraints as a result of the recent earthquakes in Japan.

Analysts expect earnings of $6.46 per share on revenues of $6.95 billion for the year.

In pre-market activity on the NYSE, shares were declining 12.08 percent at $78.16.