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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