Key Developments: Harman International Industries Inc (HAR)
51.62USD
24 May 2013
$-0.22 (-0.42%)
$51.84
$51.47
$51.62
$50.78
372,168
634,008
$53.81
$34.08
Latest Key Developments (Source: Significant Developments)
Harman International Industries Inc Announces Quarterly Cash Dividend
Harman International Industries Inc announced that it has declared a cash dividend on May 2, 2013 of $0.15 cents per share for the quarter ended March 31, 2013. The quarterly dividend will be paid on May 28, 2013, to each stockholder of record as of the close of business on May 13, 2013. Full Article
Harman International Industries Inc Raises FY 2013 EPS Guidance; Updates FY 2013 Revenue Guidance; Sees FY 2013 EBIT And EBITDA Guidance At High End Of Prior Range
Harman International Industries Inc announced it has raised its fiscal 2013 operational earnings per share guidance to $3.00 from its previous range of $2.70-$2.90. The Company now expects revenue to be at the mid to high-end of its previously announced range of $4.175-$4.250 billion. The Company also expects operating profit and EBITDA to meet the high end of its previously announced range of $265 - $280 million and $385-$400 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $2.80, revenue of $4.2 billion, EBIT of $275 for fiscal 2013. Full Article
Schouw and Co A/S Completes Sale of Martin Professional to Harman International Industries Inc
Schouw and Co A/S announced that it has on December 19, 2012 agreed to divest its wholly-owned subsidiary Martin Professional to Harman International Industries Inc of the United States. All conditions of the agreement have been met, and the sale was closed on February 28, 2013. The transaction represents a total value of DKK 917 million: the parties have agreed to a price of EUR 110 million (approximately DKK 820 million) on a debt-free basis for the entire company excluding Martin's two properties in Frederikshavn, Denmark, which were transferred to Schouw & Co. in connection with the closing. The two properties, which Martin continues to lease, were transferred at a carrying amount of DKK 97 million. The sale of Martin will produce a gain for Schouw & Co. that will be recognized in the financial statements for the first quarter of 2013. The amount of the recognized accounting gain will depend on the recognition of profits during the period until closing, the final calculation of the interest-bearing debt at the closing date as well as the calculation of costs and other adjustments related to the transaction. As previously announced, the overall accounting gain is estimated to be in the region of DKK 250 million. The divestment implies that Martin is reclassified from a consolidated subsidiary to discontinued operations in the Schouw & Co. consolidated financial statements. Full Article
Harman International Industries Inc Issues FY 2013 Guidance Below Analysts' Estimates
Harman International Industries Inc provided an updated outlook regarding its financial targets for fiscal 2013. In light of lower European automotive production volumes and a weaker global economic climate, the Company now forecasts global revenue between $4.175 billion and $4.250 billion and operational earnings per share (EPS) between $2.70 and $2.90. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $4.272 billion and EPS of $3.37 for fiscal 2013. Full Article
Harman International Industries Inc Announces Quarterly Cash Dividend
Harman International Industries Inc announced that it has declared a cash dividend on January 31, 2013 of $0.15 per share for the quarter ended December 31, 2012. The quarterly dividend will be paid on February 26, 2013, to each stockholder of record as of the close of business on February 11, 2013. Full Article
Harman International Industries Inc Signs Agreement to Acquire Entertainment Lighting Company Martin Professional
Harman International Industries Inc announced that it has reached an agreement to acquire Martin Professional A/S of Denmark, provider of lighting solutions for the entertainment, architectural, and commercial sectors, for EUR110 million. The deal is expected to close early in 2013. Full Article
Harman International Industries Inc Announces Quarterly Cash Dividend
Harman International Industries Inc announced that it has declared a cash dividend on November 2, 2012 of $0.15 cents per share for the first quarter ended September 30, 2012. The quarterly dividend will be paid on November 28, 2012, to each stockholder of record as of the close of business on November 12, 2012. Full Article
Harman International Industries Inc Announces Extension To Share Buyback Program
Harman International Industries Inc announced the extension of the $200 million share buy-back program that was authorized by Harman`s Board of Directors in October 2011. The Board of Directors believes that it is in the interests of Harman shareholders to extend the term of the program to October 25, 2013. The other terms and conditions of the program will not be amended in any way. Full Article
Harman International Industries Inc Closes New Senior Unsecured Credit Facility
Harman International Industries Inc announced the closing of a senior unsecured credit facility that will provide the Company with more than $1 billion in liquidity. The new facility is comprised of a $750 million revolving line of credit along with a five-year $300 million term loan. The Company plans to use the proceeds from the term loan, in addition to $100 million of cash on hand, to pay off its $400 million in outstanding convertible senior notes, due October 15, 2012. The Company’s bank group was led by JP Morgan. Full Article
Harman International Industries Inc To Provide HALOsonic External Sound Solution For New Hybrid Vehicles
Harman International Industries Inc announced that a European-based automaker will be integrating HARMAN’s exclusive HALOsonic External Sound Synthesis (ESS) solution in a line of plug-in hybrid vehicles. HARMAN’s HALOsonic ESS solution that generates sound outside the vehicle, particularly targeted at hybrid or electric vehicles that are virtually silent at low speeds. Full Article
Harman International raises full-year forecast; shares rise
- Audio systems maker Harman International Industries Inc, whose brands include JBL and Harman Kardon, raised its earnings forecast for the year ending June, and said it will shift more jobs to lower-cost countries in the next five years.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
