Harman International Industries Inc (HAR) reported that its third-quarter net income was $172.66 million or $2.38 per share, up from $36.60 million or $0.51 per share in the same quarter last year. The company said that release of a deferred tax asset valuation allowance increases earnings per share by $1.71 to $2.38.
Non-GAAP earnings per share increased to $0.74 from $0.60 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $1.096 billion from $948.20 million in the prior year quarter. Two analysts had consensus revenue estimate of $1.04 billion for the quarter.
Harman International Industries also declared a cash dividend on April 30, 2012 of $.075 cents per share for the third quarter ended March 31, 2012. The quarterly dividend will be paid on May 24, 2012, to each stockholder of record as of the close of business on May 10, 2012.
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