BEIJING (dpa-AFX) - Harman International Industries, Inc. (HAR) Thursday announced an increase in second quarter net income to $116.16 million or $1.65 per share from $71.63 million or $1.03 per share in the prior year.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $1.28 per share. Analysts estimates usually exclude special items.
Net sales for the second quarter increased 19 percent to $1.583 billion from $1.328 billion last year. Excluding the impact of foreign currency translation, net sales were up 24 percent. Analysts were looking for $1.44 billion.
Looking ahead to fiscal 2015, the company expects operational EBITDA and operational earnings per share of $715 million and $5.85, respectively. In its previous guidance, the company was looking for EBITDA of $685 million and earnings per share of $5.25. Revenue forecast for the period is $6 billion in line with its August projection. Wall Street expected earnings per share of $5.23 per share.
Further, the Company said it expects closing of the recently announced acquisitions of Red Bend and Symphony Teleca in the fourth quarter of fiscal 2015.
Separately, Harman announced a strategic collaboration with Chinese Internet search provider Baidu to launch CarLife, a vehicle networking solutions. The company noted that the collaboration will result in a richer and more immersive connected car experience.
CarLife can provides smartphone compatibility with user smartphones, such as Android and iOS, covering over 95% of smartphone users.
In yet another announcement, Harman International declared a cash dividend of $0.33 cents for the quarter ended December 31, 2014, payable on February 24, 2015, to each stockholder on record February 9, 2015.
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