HARMAN Announces Strategic Collaboration with Baidu to Launch CarLife Vehicle Networking Solutions
Jan 29 15
HARMAN announced that it has entered into a strategic collaboration with Baidu. Under the agreement, HARMAN will work with Baidu to launch vehicle networking solutions. Called CarLife, the collaboration will offer advanced Internet capabilities, entertainment features and location-based services on HARMAN’s in-vehicle infotainment head units designed for the Chinese market, resulting in a richer and more immersive connected car experience. CarLife, jointly launched by Harman and Baidu, provides smartphone compatibility with user smartphones, such as Android and iOS, covering over 95% of smartphone users. Using Baidu Maps and Harman’s technologies in navigation infotainment system, CarLife offers the best online navigation experience, assisting drivers with the most accurate route planning, location search, and distance estimation. The solution can also help drivers avoid traffic congestion with real-time updates. In addition, it also provides advanced functionality, such as real-time parking location information, speed alerts, seamless navigation, and a hands-free voice activated control system. CarLife will work with in-vehicle networks to offer users a fully integrated user experience as well as connected services with rich applications and high speed data flow. HARMAN’s automotive customers can leverage CarLife to quickly and affordably introduce connected car solutions to drivers in China. Together, HARMAN and Baidu’s CarLife solutions will provide millions of drivers a more open and intelligent vehicle networking experience.
Harman International Industries, Incorporated Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014; Raises Earnings Guidance for the Fiscal Year 2015
Jan 29 15
Harman International Industries, Incorporated announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company's net sales were $1,583,549,000 compared with $1,328,024,000 a year ago. Operating income was $148,757,000 compared with $101,856,000 a year ago. Income before income taxes was $145,296,000 compared with $95,099,000 a year ago. Net income was $116,164,000 compared to $71,629,000 a year ago. Net income attributable to company was $116,235,000 or $1.65 per diluted share compared with $71,629,000 or $1.03 per diluted share a year ago. Non-GAAP operating income was $162,303,000 compared with $107,709,000 a year ago. Non-GAAP income before income taxes was $145,296,000 compared with $100,952,000 a year ago. Non-GAAP net income attributable to the company was $116,235,000 or $1.65 per diluted share compared with $75,953 million or $1.09 per diluted share a year ago. EBITDA was $186 million compared with $134.4 million a year ago. Non-GAAP EBITDA was $198 million compared with $139 million a year ago.
For the six months, the company's net sales were $3,012,471,000 compared with $2,499,829,000 a year ago. Operating income was $264,540,000 compared with $171,238,000 a year ago. Income before income taxes was $256,002,000 compared with $160,321,000 a year ago. Net income was $199,098,000 compared to $118,081,000 a year ago. Net income attributable to company was $199,208,000 or $2.84 per diluted share compared with $118,081,000 or $1.69 per diluted share a year ago. Non-GAAP operating income was $289,893,000 compared with $201,126,000 a year ago. Non-GAAP income before income taxes was $281,355,000 compared with $190,209,000 a year ago. Non-GAAP net income attributable to company was $217,932,000 or $3.10 per diluted share compared with $142,819,000 or $2.04 per diluted share a year ago. EBITDA was $339 million compared with $235.5 million a year ago. Non-GAAP EBITDA was $362 million compared with $262 million a year ago.
The company raised its financial outlook for fiscal 2015. The company now forecasts operational EBITDA and operational earnings per share of $715 million and $5.85, respectively raised from the previous guidance of EBITDA and EPS of $685 million and $5.25 respectively. An effective tax rate of 24% for the full year. The company expects revenue of $6.0 billion.
Harman International Industries, Incorporated Declares Quarterly Cash Dividend, Payable on February 24, 2015
Jan 29 15
Harman International Industries, Incorporated declared a cash dividend on January 29, 2015 of $0.33 cents per share for the quarter ended December 31, 2014. The quarterly dividend will be paid on February 24, 2015, to each stockholder of record as of the close of business on February 9, 2015.