STAMFORD, Conn. – Harman International Industries Inc. shares soared Thursday after the electronics and audio equipment maker reported better-than-expected quarterly results and raised its profit forecast for the year.
The company earned $116.2 million, or $1.65 per share in its fiscal second quarter. That's up from $71.6 million, or $1.03 per share, the year before. It earned $1.79 per share on an adjusted basis, up from $1.09 per share.
Stamford, Connecticut-based company said stronger demand for its home, auto and professional products and services helped drive its quarterly revenue up 19 percent to $1.58 billion.
The quarter's results topped market expectations. Analysts surveyed by Zacks Investment Research were anticipating earnings of $1.29 per share on revenue of $1.49 billion.
Harman has benefited from an industry trend toward cars that provide users with Internet-connected audio and entertainment options. The company said it expects demand will remain strong and it raised its earnings forecast to $5.85 per share for the fiscal year through June, up from its prior forecast of $5.25 per share. It kept its revenue forecast steady at $6 billion.
Analysts polled by FactSet anticipated earnings of $5.23 per share for the year on revenue of $5.94 billion.
Harman shares rose 19 percent to $120.35 in early afternoon trading and was one of the top gainers in the Standard & Poor's 500 index Thursday. The shares had climbed 14 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HAR at http://www.zacks.com/ap/HAR
Keywords: Harman International, Earnings Report