Jan. 30 (Bloomberg) -- Harman International Industries Inc. jumped the most in more than two years after the maker of car-infotainment systems increased its full-year profit forecast as it gained market share in all of its business units.
The shares rose 17 percent to $102.34 at the close in New York. They gained 83 percent last year and are trading at their highest level since 2007.
Harman, which makes audio equipment for homes, cars and larger venues, such as airports and concert halls, is benefiting as the connected auto becomes the must-have feature for drivers. A 26 percent increase in revenue for the quarter ended Dec. 31. was driven by automotive volume, the Stamford, Connecticut-based company said. Harman’s professional and lifestyle units also reported growth, according to a statement.
“In all three of our markets, the market was up and we’re definitely benefiting,” Chief Executive Officer Dinesh Paliwal said in an interview today. “There was quite a bit of market share gain as well and our take rates increased, which to me is most important.”
Harman forecast earnings of $4.16 per share for the fiscal year ending in June, compared with a projection of $3.85 in August. The average of six analyst estimates compiled by Bloomberg was $3.98. Sales this year will be $5.1 billion, compared with an earlier forecast of $4.7 billion. Five analysts in a Bloomberg survey estimated sales of $4.83 billion, on average.
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