Harman International Industries Inc., which makes speakers, headphones and audio equipment, on Monday said it moved to a profit in its fiscal second quarter, compared with a year-ago period when it recorded steep one-time charges.
For the three months ended Dec. 31, Harman earned $16.1 million, or 23 cents per share. In the same period of the previous year, the company lost $319.1 million, or $5.45 per share, including a $325.4 million charge for goodwill impairment and other one-time items.
Excluding $2.8 million in restructuring charges related to Harman's decision to close its portable navigation device business, a $9.3 million goodwill impairment charge and other items, Harman earned 40 cents per share in the latest quarter.
Analysts surveyed by Thomson Reuters had forecast net income of 7 cents per share.
Revenue rose 24 percent to $937.5 million from $755.9 million. Analysts forecast revenue of $811.2 million.
Automotive division revenue rose 29 percent to $668 million in the quarter. The consumer division, which includes audio products under the Harmon Kardon, JBL and other brands, saw revenue rise 10 percent to $127 million.
Revenue from Harman's professional audio group increased 18 percent to $133 million.
Shares of Harman rose $2.75, or 7.7 percent, to $38.25 in aftermarket activity. They earlier finished regular trading up 57 cents at $35.50. The stock has ranged from $9.17 to $40.33 over the past year.
