Harman International Posts 1Q Loss

STAMFORD, Conn. (AP) — Harman International Industries Inc. posted a a fiscal first-quarter loss as the recession continued to undercut the manufacturer of audio and other products for automotive and consumer markets.

The Stamford, Conn., company still beat Wall Street's profit and revenue estimates.

Harman International lost $9.5 million, or 14 cents per share, down from a $21 million profit, or 36 cents per share, in the same quarter last year.

Excluding an income tax expense and other factors, the adjusted loss was $3.6 million, or 5 cents per share

Analysts surveyed by Thomson Reuters expected, on average, a loss of 23 cents per share. Analysts typically exclude one-time items.

Sales for the quarter ended Sept. 30 were $757.4 million, down 13 percent from $869.2 million last year.

Analysts expected revenue to be $693.3 million.

Sales fell in all three of the company's segments, due primarily to the recession, Harman International said. However, sales rose 13 percent from the previous quarter.

In August, Harman International posted losses for the fourth quarter and full fiscal year.

Shares rose 99 cents, or 3 percent, to close at $33.