Harman International Up 7% After Positive Earnings Report
Shares of Harman International (NYSE: HAR) are up more than 7% after the company reported positive earnings this morning.
Net sales for the second quarter were $1,127 million, an increase of 18 percent compared to the same period last year. Excluding foreign currency translation, net sales increased by 19 percent. Second quarter operating income was $95 million, compared to $68 million in the same period last year. Excluding restructuring charges, operating profit in the second quarter grew by 32 percent to $96 million, compared to $73 million in the same period last year.
On the same non-GAAP basis, earnings per diluted share were $0.83 for the quarter compared to $0.79 in the same period last year. On a GAAP basis, earnings per diluted share were $0.82 for the quarter compared to $0.74 in the same period last year.
