Harman Sinks on Soft Revenue

Shares drop 2.7% early.
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Harman International

(HAR)

sank 2.7% early Wednesday after fourth-quarter profits declined 7.8% from a year ago.

The Washington-based audio company earned $64.77 million, or 95 cents a share, in the quarter, compared with $70.24 million, or $1.01 a share, a year ago. Excluding fourth quarter restructuring charges and costs associated with repurchasing senior debt, earnings were $1.09 a share. Analysts polled by Thomson First Call were estimating earnings of $1.07 a share.

Revenue rose 6.3% to $859.12 million as against analysts' estimate of $873.39 million.

The company reiterated its expectation for earnings of $4.35 a share for fiscal 2007, while analysts polled by Thomson First Call estimate earnings of $4.46 a share.

The company also announced that Helmut Schinagel will join as CEO of Harman/Becker automotive systems effective Oct. 1, after serving at BMW.

Shares slipped $2.24 to $79.86 early Wednesday.

This story was created through a joint venture between TheStreet.com and IRIS.