(Reuters) - Audio systems maker Harman International Industries Inc, which owns brands such as JBL and Harman Kardon, reported a third-quarter profit above expectations and raised its earnings forecast for the year ending June 30.
The company now expects fiscal-year earnings of $3 per share, up from its previous forecast of $2.70 to $2.90 per share.
Harman also said revenue for the period was likely to be in the upper half of its forecast range of $4.18 to $4.25 billion.
Third-quarter revenue fell 3 percent to $1.06 billion, in line with analysts' expectations.
"Net sales decreased due to the lower automotive production in Western Europe as a result of the economic slowdown," the company said in a statement.
Harman's biggest business - infotainment - which provides integrated navigation, entertainment and communication systems for luxury carmakers such as Daimler AG, Fiat SpA's Ferrari and Volkswagen's Audi, reported a 6.7 percent drop in revenue.
Sales to German carmakers accounted for 43 percent of Harman's revenue for the year ended June 2012, with the rest of Europe bringing in another 20 percent.
Carmakers are bracing for a tough 2013. Volkswagen and Daimler reported lower first-quarter earnings last week.
While Daimler scrapped a profit target for the second time in six months, Europe's No. 1 automaker Volkswagen said last week all regions except North America and China were marked "by often significant uncertainty."
Harman's net income fell to $35 million, or 50 cents per share, in the third quarter from $173 million, or $2.38 per share, a year earlier.
Excluding one-time items, Harman earned 79 cents per share.
Analysts on average expected earnings of 61 cents per share on revenue of $1.06 billion, according to Thomson Reuters I/B/E/S.
Shares of the Stamford, Connecticut-based company closed at $44.19 on the New York Stock Exchange on Wednesday.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Joyjeet Das, Sreejiraj Eluvangal)
Source: http://news.yahoo.com/harman-international-profit-beats-estimates-raises-forecast-125112913.html
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