Audio products maker Harman International Industries, Inc.'s (HAR) third-quarter net income plummeted to $35 million, or $0.50 a share, from $173 million, or $2.38 a share last year. On a non-GAAP basis, earnings per share amounted to $0.79 for the quarter. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.61 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter were $1.06 billion, a decrease of three percent from $1.10 billion last year, due to lower automotive production in Western Europe as a result of the economic slowdown partially offset by sales growth in home and multimedia products in the Lifestyle Division and in the Professional unit. Analysts estimated revenues of $1.07 billion for the quarter.
Further, the company raised its fiscal 2013 operational earnings per share guidance to $3.00 from its previous view of $2.70 - $2.90; and now sees revenue to be at the mid- to high-end of its prior announced range of $4.175 - $4.25 billion. Analysts project annual earnings of $2.80 per share on $4.21 billion revenue.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.