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Harman International profit drops 80 pct
May 2, 2013 / 12:10 PM / 4 years ago

Harman International profit drops 80 pct

May 2 (Reuters) - 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 earlier.

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 quarter.

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