Harman International Industries Inc./DE/ (NYSE:HAR) this morning reported strong secong results, that topped analyst estimates by a wide margin.
The company said that it earned $53 million, or 74 cents a share from continuing operations, up from a year ago profit of $13 million or $19 cents a share.
On an adjusted basis, the company earned 79 cents a share, beat analyst estimates by 27 cents.
Net revenue during the latest quarter grew 3% year-on-year to $956.1 million, missed analyst projections of $963.1 million.
It’s automotive segment contributed the highest revenue (69% of total revenue) at $664 million.
Gross profit increased by 1% to 28.10%.
Shares of HAR soared 13.20% to $49.23 on very unusual volume.
Harman International Industries, Incorporated (Harman International) is engaged in the developing, manufacturing and marketing of high-quality, high-fidelity audio products and electronic systems.
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