Harman International Industries Inc. on Monday reported stronger revenues and a profit for its fourth quarter ended June 30, 2002. Despite offset sales in the computer market, the company posted an increase of 6 percent in revenues for the fiscal 2002 year.
Net sales for the quarter were US$501.4 million, a 12 percent increase over net sales of $447.7 million in the same period last year. Net income for the quarter was $26.1 million or $0.76 per share, compared to $19.4 million or $0.58 per share in the fourth quarter last year.
Analysts surveyed by Thomson First Call expected the company to report a profit of $0.70 for the fourth quarter.
For the fiscal year ended June 30, 2002, net sales were $1.826 billion, a 6 percent increase above last year’s net sales of $1.717 billion. Net income totaled $57.5 million compared to net income of $32.4 million in the prior fiscal year (including $25.8 million in special charges).
Increased sales of multimedia products to Apple were offset by lower sales to Dell in the fourth quarter, the company said in a statement today.
Harman was up $3.24 or 7.33 percent at $47.44 on the New York Stock Exchange in mid-afternoon trading.