Harman Reaffirms Guidance
Harman International
(HAR)
, a manufacturer of high-fidelity audio products and electronic systems, said it expects to make $3.85 a share for the fiscal year before restructuring and bond repurchase charges.
The company said it plans to take restructuring action in the fourth quarter. The restructuring will generate a charge to earnings for the year of about $10 million to $15 million, or 10 cents a share to 15 cents a share.
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For the tender offer to repurchase its outstanding senior notes of about $310 million due in February and July 2007 the associated cost is expected to be about $5 million or 5 cents a share, the company said.
Shares fell a quarter Tuesday to $80.19.
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