Stamford, Conn. –
Harman International posted a net profit in its fiscal second quarter and first
half following four consecutive quarterly losses.
The automotive, consumer and pro divisions all
posted operating incomes for the quarter and half on rising fourth-quarter
sales.
Company-wide net
sales rose 24 percent for the second quarter ending Dec. 30 to $937 million and
rose 4 percent in the first half to $1.7 billion, including the impact of
currency fluctuations. Sales would have been up 15 percent for the quarter and
2 percent for the half if currency fluctuations were excluded.
The company posted $39 million in
fourth-quarter operating income and $38 million in first-half operating income,
while net income hit $16 million for the quarter and $7 million for the half. The
impact of currency fluctuations on these figures was not measurable, the
company said.
Net losses in the preceding four quarters were
$317 million in the second quarter of fiscal 2009, $49 million in the third
quarter of 2009, $62 million in the fourth quarter of 2009, and $9 million in
the first quarter of 2010 ending Sept. 30, 2009.
In the consumer division, sales grew 10
percent for the second quarter of fiscal 2010 to $127 million but fell 3
percent for the half to $211 million, including currency changes. Fourth-quarter sales would have been up only
1 percent if currency changes were excluded, and first-half sales would have
been down 6 percent.
Sequentially, consumer sales were up 52
percent from the first quarter. On a non-GAAP basis, consumer gross margins in
the second quarter increased 4.9 percentage points to 27.8 percent, primarily
because of cost-savings initiatives.
In the automotive
division, sales grew 29 percent in the quarter to $668 million and 7 percent
for the half to $1.21 billion when the impact of currency changes is
included. Automotive operating income
was $30 million for the quarter and $25 million for the half.
