Harman reported earnings of $1.79 a share for the fiscal second quarter, well above analysts' estimates of $1.28 a share for the quarter. Revenue grew 18.8% to $1.58 billion for the quarter, compared to analysts' estimates of $1.48 billion.
The company's Lifestyle unit saw a 26% year over year increase in net sales to $541 million in the second quarter due to strong demand for home and multimedia product lines, and increased demand for car audio. Net sales for the Infotainment unit grew 12% year over year to $774 million due to the platform's expansion, increased automotive production, and higher take rates.
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Harman also announced that it increased its fiscal EPS guidance to $5.85 from $5.25.
TheStreet Ratings team rates HARMAN INTERNATIONAL INDS as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HARMAN INTERNATIONAL INDS (HAR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: HAR Ratings Report
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