Harman has unveiled first quarter net sales up 14% to US$1.6bn or 23% excluding the impact of foreign currency translation.
Stripping out the impact of acquisitions and foreign currency translation, net sales increased 13% compared to the prior year.
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Connected car net sales increased 8% due to platform expansions, higher take rates and stronger automotive production. Lifestyle audio net sales increased 14 percent due to higher consumer audio and car audio sales.
Excluding restructuring, non-recurring charges and acquisition-related items, first quarter operating income increased 24% to US$158m compared to US$128m in the prior year and EBITDA increased 20% to US$197m compared to US$164m the previous year.
“Harman is off to a solid start to deliver on our fiscal 2016 targets with double-digit revenue and earnings growth in the first quarter, driven by robust demand for connected systems and services in the car,” said president and CEO, Dinesh Paliwal.
“Demand from automakers for embedded infotainment and car audio solutions remains strong as evidenced by the US$1.1bn in new automotive awards in the quarter, building on our backlog of US$23bn as of the end of fiscal 2015.”
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By GlobalData
