May 2 Audio systems maker Harman International
Industries Inc, which owns brands such as JBL and Harman
Kardon, reported a 80 percent drop in quarterly profit as lower
automotive production in Western Europe hit revenue in the
company's biggest business.
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
Revenue decreased 3 percent to $1.06 billion.
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.
Carmakers are bracing for a tough year. Volkswagen and
Daimler said last week their earnings dropped in the first