Audio and electronic products company, Harman International(HAR) reported declined Q2 profits and in-line revenue on Wednesday.
The Stamford, CT based company reported second quarter earnings of $47 million, or 68 cents per share, down from $59 million, or 82 cents per share. Excluding special items, EPS was 59 cents per share
Revenue for the quarter came in $1.06 billion, matching analysts estimates.
Looking ahead, the company expects to see FY2013 earnings in the range of $2.70 to $2.90 per share. Revenue is expected to be in the range of $4.175 billion to $4.250 billion. Analysts are expecting $4.27 billion in revenue and earnings of $3.37 per share.
Harman shares were down -$5.38, or -10.92% during premarket trading Thursday. The stock has increased 13% in the past year.
The Bottom Line
Shares of Harman International(HAR) have a 1.22% yield, based on Wednesday’s closing price of $49.28.
Harman Internationalp(HAR)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.