Harman (HAR) Misses Q3 EPS by 8c

Harman (NYSE: HAR) reported Q3 EPS of $1.36, $0.08 worse than the analyst estimate of $1.44. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.69 billion.

“For the 12th consecutive quarter, HARMAN has delivered top and bottom line growth, and in the quarter, we grew EBITDA 26 percent year-over-year. Our Connected Car and Lifestyle Audio divisions, which represent approximately 75 percent of our revenue, continue to deliver strong results. In our Professional Solutions division, we are taking decisive actions to improve performance and better position HARMAN for growth,” said Dinesh C. Paliwal, the Company’s Chairman, President and CEO.

“HARMAN is capitalizing on the robust demand for seamless, secure connectivity across the full vehicle market. On top of the record $6.2 billion in automotive awards we announced in fiscal 2015, I am very pleased with the additional $3.5 billion of new automotive awards secured year-to-date, including a breakthrough display audio infotainment award.”

For earnings history and earnings-related data on Harman (HAR) click here.

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