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Harman's revenue rises as car audio system sales jump
October 31, 2013 / 12:21 PM / 4 years ago

Harman's revenue rises as car audio system sales jump

(Reuters) - Harman International Industries Inc HAR.N reported a 17 percent rise in quarterly revenue as demand rose for its audio equipment from luxury carmakers such as Daimler AG AIGn.DE, Ferrari and Volkswagen’s (VOWG_p.DE) Audi.

Revenue rose to $1.17 billion in the first quarter ended September 30, from $998 million a year earlier.

Net income fell to $46 million, or 66 cents per share, from $55 million, or 79 cents per share, a year earlier.

The company, known for brands such as JBL and Harman Kardon, recorded restructuring and non-recurring charges of $24 million in the latest reported quarter.

Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila

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