Harman Posts Q2 Consumer Gains Worldwide

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Stamford, Conn. -

Harman International

's consumer division posted worldwide operating income of $11 million in its fiscal second quarter.

This was up sequentially from zero operating income in the first quarter and up 91 percent from the $6 million posted a year-ago.

The division's income gain came on net sales growth in the second quarter of 10 percent to $139 million, up sequentially from a 3 percent gain in the previous quarter and up 10 percent from the year-ago quarter. For the half, net sales were up 7 percent to $226 million.


Consumer division gross profit also rose in the quarter and half, with second-quarter gross profit rising 19 percent to $42 million, and second-half gross profit hitting $67 million, up 16 percent from the year-ago $57 million.

On a consolidated basis that includes the automotive OEM and professional-audio divisions, Harman posted gains in net sales, operating income and net income in its fiscal second quarter and first half, marking the company's fifth consecutive quarterly net profit.

Growth in sales and operating income came in the professional-audio segment in the quarter and half ending December 2010. Operating income in the automotive OEM segment rose in the quarter and half, but automotive sales dipped 1 percent in the quarter while rising in the half by 5 percent.

Consolidated sales in all three segments were up 3 percent to $956 million in the quarter and up 7 percent in the half to $1.79 billion.

Consolidated operating income was up 82 percent to $68 million for the quarter and almost quadrupled for the half to $111 million. Net income from continuing operations almost tripled to $53 million in the quarter from a year-ago $13.4 million and shot way up to $80.4 million for the half from a year-ago $1.82 million.


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