BERLIN, Aug 31 (Reuters) - Audio device maker Harman International Industries Inc wants to double its sales within five years to nearly $9 billion and more than double its profit margin, the company’s chief executive said on Friday.
Harman, which provides in-car entertainment systems for premium carmakers such as BMW, Daimler and Porsche, earlier this month reported sales of $4.4 billion in its fiscal year which ended in June, with its operating margin rising to 6.9 percent from 5 percent the previous year.
“We believe we should double our company in the next five years, top line. We should be at mid-teens in (percentage) terms of profitability,” Chief Executive Dinesh Paliwal told Reuters on the sidelines of the IFA in Berlin, Europe’s biggest consumer electronics trade show.
Harman, which competes with Bose, Yamaha, Panasonic Corp , Sony Corp and Denso Corp, said the company seemed to be “comfortably navigating through the current economic environment,” as its clients are still doing well.
Asked whether Harman was feeling the impact of the economic crisis, he said: “If we were to supplying low-to-mid segment carmakers, I would have to say yes. But our exposure to the low end of VW or PSA Peugeot is very minimal.”