Harman Int'l (HAR) Tops Q1 EPS by 20c; Approves $500M Buyback; Appoints New CFO

Harman Int'l (NYSE: HAR) reported Q1 EPS of $1.31, $0.20 better than the analyst estimate of $1.11. Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.36 billion.

The company also announced that its Board of Directors has authorized the repurchase of up to $500 million of the Company's common stock over the next three years.

Dinesh C. Paliwal, HARMAN’s President, Chairman, and CEO, commented, "In addition to our track record of successful organic and inorganic investments, we also feel strongly about returning capital to our shareholders. We are pleased to announce this three year program. Given our strong balance sheet and projected cash flows, we believe that combined with Harman’s dividends, this approach to cash distribution delivers excellent shareholder value.”

The buyback program allows the Company to purchase shares of common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions from time-to-time during the authorized 36 month period. The Company will continue to determine the timing and the amount of any repurchases based on its evaluation of market conditions, share price and other factors, and the buyback program may be suspended or discontinued at any time.

Also, HARMAN named Sandra E. Rowland, currently HARMAN’s Vice President, Corporate Development and Investor Relations, as Executive Vice President and Chief Financial Officer, effective January 1, 2015. She will join the HARMAN Executive Committee and continue to report to Dinesh C. Paliwal, Chairman, President and Chief Executive Officer of HARMAN.

Rowland succeeds Herbert Parker, who has been named to the newly-created role of Executive Vice President, Operational Excellence, responsible for Information Technology, Internal Audit, Mergers & Acquisitions and special projects. He will continue to report to Paliwal and will remain on the Executive Committee.

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

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