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Harman Reports Double-Digit Sales

Washington – Harman International Industries reported double-digit gains in net sales and net income for its fiscal second quarter ended Dec. 31.

Net sales for its second quarter were $931.7 million, an increase of 12 percent above the same quarter last year. Net income increased 12 percent to $81.4 million for the quarter.

For the six months ended Dec. 31, net sales increased 11 percent to $1.757 billion vs. the prior year period. Net income for the six month period was up 9 percent to $138 million.

Automotive sales for the second quarter were $623.3 million, an increase of 15 percent compared with the same period last year. Consumer sales increased 5 percent above the same quarter a year ago.

In a prepared statement Dr. Sidney Harman, executive chairman/CEO, commented, “Our second quarter and first-half fiscal 2007 produced record results. Automotive achieved excellent results while making considerable investments in new technologies and newly awarded business.”

He added, “Consumer sales were above last year’s record number but operating profits were burdened by increased competition.”