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HARMAN First Quarter Fiscal 2013 Earnings - Supporting Slide Deck

Stocks in this article: HAR

Harman International Industries, Incorporated, the leading global audio and infotainment group (NYSE: HAR), today announced results for the first quarter ended September 30, 2012.

Net sales for the first quarter were $998 million, a decrease of 5 percent compared to the same period last year. In local currency, net sales increased by 2 percent. The Company noted that the year-ago quarter benefitted from an estimated $75 million in additional infotainment sales as vehicle production surged to fulfill pent-up demand and one time competitive replacement following interruptions associated with the tsunami in Japan.

First quarter operating income was $79 million, compared to $74 million in the same period last year. Excluding restructuring charges, operating profit in the first quarter grew by 4 percent to $79 million, compared to $76 million in the same period last year. On a GAAP basis, earnings per diluted share were $0.79 for the quarter compared to $0.67 in the same period last year. Excluding restructuring charges, earnings per diluted share were $0.79 compared to $0.69 in the same period last year.

Dinesh C. Paliwal, HARMAN’s Chairman, President and CEO, commented, “We delivered another strong quarter with growth in local currency, even against last year’s abnormally strong first quarter. Our success continues to be underlined by our launch of several award winning new products and our competitive wins in car audio business from BMW, Ford and Volvo. Despite economic uncertainty and a weak European automotive sector, we have the largest backlog of awarded business in our history. We are proud that relentless execution and continued cost focus has allowed us to post our 12th consecutive quarter of top and bottom line growth. We are also pleased to see our solid track record reflected by our credit rating upgrade to investment grade. We are confident that our excellent liquidity profile will enable us to continue to utilize a variety of initiatives to deploy capital, invest in growth and generate strong returns for our shareholders.”

FY 2013 Key Figures – Total Company   Three Months Ended September 30

$ millions (except per share data)

  3M FY13   3M FY12   IncludingCurrencyChanges  

ExcludingCurrencyChanges (1)

Net sales   998   1,051   (5%)   2%
Gross profit   278   288   (3%)   3%
Percent of net sales   27.9%   27.4%        
SG&A & Other   199   214   (7%)   0%
Operating income   79   74   7%   14%
Percent of net sales   7.9%   7.1%        
Net Income   55   48   13%   23%
Diluted earnings per share   0.79   0.67        
Restructuring-related costs   0   2        


Gross profit (1)   278   289   (4%)   3%
Percent of net sales (1)   27.9%   27.5%        
SG&A & Other (1)   199   213   (7%)   0%
Operating income (1)   79   76   4%   11%
Percent of net sales (1)   7.9%   7.3%        
Net Income (1)   55   50   10%   19%
Diluted earnings per share (1)   0.79   0.69        
Shares outstanding – diluted (in millions) 69 72  
1) A non-GAAP measure, see reconciliations of non-GAAP measures later in this release.

Summary of Operations – Gross Margin and SG&A

On a non-GAAP basis gross margin increased 34 basis points to 27.9 percent of sales in the first quarter of fiscal 2013. This improvement was primarily due to neodymium cost mitigation and productivity gains.

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