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Harman Falls After Missing Estimates, Cutting Profit Outlook

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Harman International Industries Inc. tumbled the most in two years after the maker of Harman Kardon and JBL audio equipment posted quarterly profit and sales that trailed analysts’ estimates and cut its full-year earnings forecast.

Profit excluding some items was $1.22 a share on sales of $1.46 billion for the fiscal third quarter ended March 31, the Stamford, Connecticut-based company said in a statement Thursday. That average estimates compiled by Bloomberg were $1.27 and $1.48 billion. Harman also reduced its annual earnings-per-share outlook to $5.65, from $5.85 in January.