Harman International Industries Shares Up 12.2% (HAR)
Shares of Harman International Industries (NYSE: HAR) are trading up 12.2% at $37.57 per share during the Tuesday afternoon trading session. The day's trading range for shares of Harman International Industries has been between $36.50 and $39.37 per share. Analysts covering the company's stock give it a consensus price target of $38.25 per share.
Volume of 2.7 million shares is already nearly triple the daily average volume of 947,000 shares.
Harman International Industries (HAR)announced on Tuesday morning that it exceeded consensus Wall Street expectations. Harman International Industries announced fiscal 1st quarter adjusted earnings from continuing operations of 35 cents per share, on revenue of $837 million.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 27 cents per share, on revenue of $802.03 million.
Chairman, president and CEO Dinesh C. Paliwal said, “During the last three years, we have transformed the Company's global footprint, created a best in class cost structure and installed world class business processes. Harman is now focusing on profitable growth, both organic and through acquisitions. After posting triple digit growth in emerging markets last year, we are adding significant new capacity to meet the rising domestic demand in China and other emerging markets. We have a strong balance sheet and we are generating positive cash flow. Our recent acquisitions of Selenium in Brazil and Aha Mobile in the US are having a positive impact. We will continue to look for companies in both western and emerging markets which have attractive valuations, key technologies, and strong sales channels.”
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