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Last $107.66 USD
Change Today -1.40 / -1.28%
Volume 742.8K
HAR On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

harman international (HAR) Key Developments

Harman International Industries, Incorporated Announces Annual Cash Dividend

HARMAN International Industries, Incorporated announced that its Board of Directors has adopted an annual cash dividend policy pursuant to which the company will increase its annual cash dividend by 6% to $1.40 per share, to be paid quarterly at the rate of $0.35 per share as compared with the prior quarterly rate of $0.33 per share. The increased dividend will go into effect for the new fiscal year, which starts July 1, 2015, and the first quarterly payment will be in September 2015.

Harman International Industries, Incorporated Appoints Yijing H. Brentano as Vice President of Strategy and Investor Relations

Harman International Industries, Incorporated announced that Yijing H. Brentano has joined the Company as Vice President of Strategy and Investor Relations, reporting to Dinesh C. Paliwal, Chairman, President and Chief Executive Officer, and Sandra Rowland, Executive Vice President and Chief Financial Officer of HARMAN. Effective June 8, Brentano oversees Investor Relations, including communications with shareholders, buy-side analysts, sell-side analysts and third-party regulatory bodies. She also will work with Paliwal and the HARMAN senior leadership team on the Company’s corporate strategy. Brentano most recently served as Founder and Managing Partner of Green Tree Advisory, a consultancy that aids start-up companies with strategic and financial planning and connects them with suppliers, business partners and consumers in China. Prior to that, she spent 17 years at telecommunications company Sprint Corp. in multiple leadership roles, most recently serving as Vice President of Strategic Initiatives and Mobile Health. In addition to functional roles in Finance, Investor Relations and International Wholesale, where she managed a global sales team, Brentano also held positions at Sprint with direct P&L responsibility in emerging businesses, managing commercial relationships, technology labs and the company’s move into mobile health. Before Sprint, Brentano served as a senior consultant for Ernst & Young.

Harman International Industries, Incorporated Announces Executive Changes

On June 8, 2015, Sachin Lawande resigned from his position as Executive Vice President and President, Infotainment Division of Harman International Industries, Incorporated, effective immediately, to pursue another opportunity. Michael Mauser, Executive Vice President and President, Lifestyle Division, will oversee the company's Infotainment Division while the company conducts a search for a permanent successor. Mr. Mauser previously served as Co-President of the company's Infotainment Division from 2010 to 2013.

HARMAN International Industries, Incorporated Releases Android Software Development Kit

HARMAN International Industries, Incorporated announced that it has released the Android Software Development Kit (SDK) for the Harman Kardon Omni Wireless HD home audio system. This SDK enables third-party developers to create groundbreaking home audio and IoT (Internet of Things) experiences for Android users with high-fidelity sound. With HARMAN’s SDK, developers will find it more manageable to explore, innovate and participate in the new network of connected audio and IoT experiences by accessing tools, downloads and community forums. The HARMAN Developer Community will leverage HARMAN’s expertise and technology portfolio to contribute to the next generation of apps.

Harman International Industries, Incorporated Announces Unaudited Consolidated Earnings Results for the Third Quarter and First Nine Months Ended March 31, 2015; Updates Financial Guidance for the Full Year of Fiscal 2015

Harman International Industries, Incorporated announced unaudited consolidated earnings results for the third quarter and first nine months ended March 31, 2015. For the quarter, the company announced net sales of $1,464,193,000 compared to $1,404,235,000 for the same period a year ago. Operating income was $91,507,000 compared to $101,433,000 for the same period a year ago. Income before income taxes was $89,618,000 compared to $95,866,000 for the same period a year ago. Net income was $70,249,000 compared to $73,385,000 for the same period a year ago. Net income attributable to the company was $70,295,000 compared to $73,385,000 for the same period a year ago. Earnings per share, diluted were $0.99 compared to $1.05 for the same period a year ago. Operating income as adjusted was $114,105,000 compared to $108,078,000 for the same period a year ago. EBITDA was $131,769,000 compared to $134,496,000 for the same period a year ago. EBITDA, adjusted was $149,815,000 compared to $139,055,000 for the same period a year ago. Adjusted net income attributable to the company was $87 million compared to $78 million for the same period a year ago. Adjusted diluted earnings per share were $1.22 compared to $1.12 for the same period a year ago. Adjusted income before income taxes was $112,216,000 compared to $102,511,000 for the same period a year ago. For the first nine months, the company announced net sales of $4,476,664,000 compared to $3,904,064,000 for the same period a year ago. Operating income was $356,047,000 compared to $272,671,000 for the same period a year ago. Income before income taxes was $345,620,000 compared to $256,187,000 for the same period a year ago. Net income was $269,347,000 compared to $191,466,000 for the same period a year ago. Net income attributable to the company was $269,503,000 compared to $191,466,000 for the same period a year ago. Earnings per share, diluted were $3.83 compared to $2.74 for the same period a year ago. Operating income as adjusted was $403,999,000 compared to $309,204,000 for the same period a year ago. EBITDA was $470,855,000 compared to $369,973,000 for the same period a year ago. EBITDA, adjusted was $511,470,000 compared to $400,965,000 for the same period a year ago. Adjusted net income attributable to the company was $305 million compared to $221 million for the same period a year ago. Adjusted diluted earnings per share were $4.33 compared to $3.16 for the same period a year ago. Adjusted income before income taxes was $393,572,000 compared to $292,720,000 for the same period a year ago. The company updated financial guidance for the full year of fiscal 2015. The company now forecasts fiscal 2015 revenue of $6.0 billion and operational earnings per share of $5.65 and EBITDA of $695 million. The majority of the EPS reduction is related to weakness in certain geographic markets in the company’s professional business, with the remainder being foreign currency translation impact on the total company. The company previously in January 2015 expects to report revenue as $6.0 billion, EBITDA of $715 million and EPS of $5.85. Interest & Misc. now expected to be $17 million compared to $23 million previous expectation in January 2015. Tax rate expected to be 24% same as previous expectation in January 2015.

 

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HAR

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Valuation HAR Industry Range
Price/Earnings 24.2x
Price/Sales 1.3x
Price/Book 3.5x
Price/Cash Flow 24.5x
TEV/Sales 1.1x
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