Harman Profit Rises 11 Percent
Harman International Tuesday reported a $59 million profit, which represented an 11 percent gain over the same period last year. Sales, meanwhile, rose 18 percent.
The company attributed its performance largely to its overseas performance, especially in the Chinese market.
"We are earning trust with key stakeholders by delivering sound financial returns, by investing in bringing new innovation to market and by gaining share from our competitors," CEO Dinesh Paliwal said in a statement.
"With over 4000 patents and patents pending, we believe our accelerated pace of innovation is a key driver of our continued profitable growth. Our hard work to optimize our footprint has led to a lower cost base, and combined with global supply chain management has allowed us to deliver nine consecutive quarters of year-over-year improvement in sales and earnings.