February 3, 2011 / 1:57 PM / 9 years ago

UPDATE 1-Harman Q2 earnings beat estimates on better margins

* Q2 adj EPS $0.79 vs est $0.52

* Q2 rev $956.1 mln vs est $963.1 mln

* Shares up 4 pct pre-market

Feb 3 (Reuters) - Harman International Industries Inc’s HAR.N quarterly profit beat analysts’ estimates, helped by higher gross margins, and the audio products company said profitability was improving across all its divisions.

“Our $13 billion in awarded business gives us excellent confidence in our revenue stream going forward,” Chief Executive Dinesh Paliwal said in a statement.

The company’s second-quarter net income from continuing operations was $53 million, or 74 cents a share, compared with a profit of $13 million or $19 cents a share last year.

Harman, whose brands include Harman Kardon, JBL, Mark Levinson and Infinity, posted net sales of $956.1 million, up 3 percent from last year.

October-December sales at Harman’s automotive segment were $664 million, and made up 69 percent of quarterly sales.

Gross margins improved by 1 percent to 28.1 percent.

Excluding special items, the company earned 79 cents a share.

Analysts, on average, were looking for earnings of 52 cents a share, excluding special items, on revenue of $963.1 million, according to Thomson Reuters I/B/E/S.

The company’s shares, which have risen 44 percent over the last six months, were up 4 percent at $45.44 in premarket trade. They closed at $43.50 on Wednesday on the New York Stock Exchange.

For the alerts, double click here. [ID:nASA01HTN] (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Maju Samuel)

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