Harman International Industries Inc. is engaged in the development, manufacturing and marketing of audio products, lighting solutions, electronic systems & digitally integrated audio and infotainment systems. The company offers a broad range of products under popular brand names including Aha, Harmon/Kardon and JBL.
Apart from audio equipment, Harman’s cloud platform and scalable technology are gaining popularity with the rise in numbers of connected cars. This, along with the company’s powerful brand portfolio, is a major growth driver.
However, the automotive market that contributes a major portion of Harman’s net sales — faces several challenges. The market is currently witnessing a certain amount of volatility primarily due to the economic downturn, which directly impacts the company’s results.
Harman is also exposed to significant customer concentration risks with its top four customers accounting for approximately half of its revenues. This is a concern as the loss of any one of these customers would significantly dent revenues. Also, the company does not have long-term contracts with these automakers, which is another cause of concern.
Zacks Rank: Currently, Harman has a Zacks Rank#4 (Sell) but that could change following its fourth-quarter fiscal 2016 earnings report which has just released.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Non-GAAP earnings per share came in at $1.57, lower than the Zacks Consensus Estimate of $1.53. Earnings increased 14% from the year ago quarter.
Revenue: Revenues of $1.881 billion surpassed the Zacks Consensus Estimate of $1.787 billion and improved nearly 12% year over year.
Key Stats: Non-GAAP gross margin of the company improved by 110 basis points to 30.5% in the quarter.
Check back later for our full write up on this HAR earnings report later!
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Harman International (HAR) Tops on Q4 Earnings & Sales
Harman International Industries Inc. is engaged in the development, manufacturing and marketing of audio products, lighting solutions, electronic systems & digitally integrated audio and infotainment systems. The company offers a broad range of products under popular brand names including Aha, Harmon/Kardon and JBL.
Apart from audio equipment, Harman’s cloud platform and scalable technology are gaining popularity with the rise in numbers of connected cars. This, along with the company’s powerful brand portfolio, is a major growth driver.
However, the automotive market that contributes a major portion of Harman’s net sales — faces several challenges. The market is currently witnessing a certain amount of volatility primarily due to the economic downturn, which directly impacts the company’s results.
Harman is also exposed to significant customer concentration risks with its top four customers accounting for approximately half of its revenues. This is a concern as the loss of any one of these customers would significantly dent revenues. Also, the company does not have long-term contracts with these automakers, which is another cause of concern.
Zacks Rank: Currently, Harman has a Zacks Rank#4 (Sell) but that could change following its fourth-quarter fiscal 2016 earnings report which has just released.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Non-GAAP earnings per share came in at $1.57, lower than the Zacks Consensus Estimate of $1.53. Earnings increased 14% from the year ago quarter.
Revenue: Revenues of $1.881 billion surpassed the Zacks Consensus Estimate of $1.787 billion and improved nearly 12% year over year.
Key Stats: Non-GAAP gross margin of the company improved by 110 basis points to 30.5% in the quarter.
HARMAN INTL IND Price, Consensus and EPS Surprise
HARMAN INTL IND Price, Consensus and EPS Surprise | HARMAN INTL IND Quote
Check back later for our full write up on this HAR earnings report later!
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