CORRECTED-Harman's quarterly profit falls; to cut 1000 jobs

Thu Jan 31, 2013 7:43am EST

(Corrects paragraph 1 to say profit fell 20 percent, not 32 percent; corrects net income figure in paragraph 2 to $47 mln from $41 million)

Jan 31 (Reuters) - Audio systems maker Harman International Industries Inc's quarterly profit fell 20 percent as sales to carmakers in Europe fell, and the company said it would cut up to 1,000 jobs, or 9 percent of its workforce.

Net income fell to $47 million, or 68 cents per share, in the second quarter from $59 million, or 82 cents per share, a year earlier.

Excluding items, earnings were 59 cents per share.

Revenue fell 6 percent to $1.06 billion.

Harman said it would cut about 500 jobs in high-cost countries as part of a restructuring. The company is also considering the sale or closure of a manufacturing site in Europe, which would reduce another 500 jobs.

The company employed 11,366 people as of June 30, 2012, according to a regulatory filing.

Harman, known for brands such as JBL and Harman Kardon, said in November it expects weakness in Europe to extend through its full year ending June 2013. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.