Harman, which makes audio equipment for cars and is a leader in the "connected car" business, reported a revenue miss in its most recent quarter and also trimmed forecasts. But Paliwal said the company's mission remains intact despite the poor quarter.
"Harman is all about leading the connected car, the automotive space. Nothing has changed. The auto sector is very strong, We came in very strong," he said.
The CEO also noted that 20% of the company's business is in professional audio, which has dollar-denominated pricing. Furthermore, Harman does plenty of business in China, Russia, and India, three economies that have been underperforming recently.
Paliwal discussed a research report that posited there will be 220 million connected cars by 2016.
"We need to make safety the No. 1 parameter, and that is what we provide. We provide smart infotainment security," he said.
The CEO went on to explain why Harman bought Symphony Teleca and dubbed it a strategic acquisition that gives Harman a cloud analytics platform to assist it in making over-the-air updates to the connected car.
"I am very comfortable, because I have done a lot of services business in my former life. But there's a tremendous synergy with what we do," Paliwal said.
Cramer said he thinks the weakness in the stock provides a good entry point to buy.
Separately, TheStreet Ratings team rates HARMAN INTERNATIONAL INDS as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HARMAN INTERNATIONAL INDS (HAR) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."
You can view the full analysis from the report here: HAR Ratings ReportHAR data by YCharts