Harman International Industries’ net sales for the fiscal fourth quarter ended 30 June 2014 increased 22% to US$1.44bn from $1.18bn in the previous year. Operating income rose to $57m from $16m in the fiscal fourth quarter ended 30 June 2013. EBITDA increased 78% to $92m from $52m. Net income rose to $43m from $5m in the year-ago period.
The company’s net sales for the fiscal year ended 30 June 2014 increased 24% to US$5.35bn from $4.3bn in the previous year. Operating income rose 64% to $330m from $201m. EBITDA increased 40% to $462m from $329m. Net income rose 65% to $235m from $142m in the previous year.
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“We are extremely pleased that, for the fourth consecutive quarter, all three of our divisions achieved double-digit top-line growth, facilitating a 38% improvement in earnings per share,” said Dinesh Paliwal, Harman’s chairman, president and CEO. “In our automotive businesses, we are capitalising on robust demand for an embedded connected car experience and a more favourable production environment. We are executing our strategy and, as a result, we have issued strong guidance for fiscal year 2015, raised our outlook for fiscal year 2016 and reported a company record backlog.”
Paliwal continued, “While achieving record performance in fiscal year 2014, we are taking additional restructuring actions as we continue to relentlessly focus on cost management and align our operations with growth markets. We firmly believe that innovation combined with cost leadership continues to position us for sustainable long-term success.”
Fiscal year 2015 and 2016 outlook
The company provided guidance for fiscal year 2015 and raised its financial outlook for fiscal year 2016.
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By GlobalDataFiscal year 2015
Sales: $6bn
EBITDA: $685m
EPS: $5.25
Fiscal year 2016
Sales: $6.85bn
EBITDA: $880m
