Harman Consumer Posts 17% Sales Gain In Q3

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Stamford, Conn. -

Harman International

's consumer division posted a $1 million operating loss in its fiscal third quarter on a 17 percent sales gain to $95 million, but the group nonetheless posted year-to-date operating income of $10 million, up 74 percent.

The group's year-to-date sales rose 10 percent to $320 million.

The quarter's operating loss, which included $2 million in restructuring-related charges, matched the year-ago loss and followed second-quarter operating income of $11 million and zero operating income in the first quarter.

Harman International's consolidated sales - consisting of OEM automotive infotainment, professional audio and consumer audio - grew 13 percent in the third quarter to $948 million and by 9 percent for the nine-month period to $2.74 billion.

Consolidated net income rose 145 percent to $37 million in the third quarter, marking the company's sixth consecutive quarterly net profit. For the nine-month period, net income rose to $117 million from the year-ago $17 million.

Consolidated operating income doubled to $54 million for the third quarter and rose by 174 percent to $164 million for the nine-month period.

Automotive OEM accounted for 75 percent of consolidated sales in the third quarter and 73 percent for the nine-month period.


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