NEW YORK (TheStreet) -- Shares of Harman International Industries (HAR) are dipping by 8.32% to $81.50 on heavy trading volume early Thursday afternoon, following the release of weaker-than-expected results for the 2016 fiscal third quarter.
Before the market open, the Stamford, CT-based automotive electronics and audio equipment company posted earnings of $1.36 per diluted share, which did not meet analysts' estimates of $1.43 per share.
Revenue was $1.63 billion, below analysts' estimates of $1.68 billion.
"Harman is capitalizing on the robust demand for seamless, secure connectivity across the full vehicle market," CEO Dinesh Paliwal said in a statement.
"Our connected car and lifestyle audio divisions, which represent approximately 75% of our revenue, continue to deliver strong results," Paliwal added.
For fiscal 2016, the company forecasts earnings of about $6.20 per share on revenue of roughly $6.83 billion, missing analysts' forecasts.
Analysts are looking for earnings of $6.46 on revenue of $6.95 billion.
About 3.33 million of Harman's shares changed hands by early this afternoon compared to its average volume of 924,624 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HAR