Article Link: Harman shares slide after earnings disappoint
Shares of Harman International fell nearly 9 percent Thursday after its earnings fell short of expectations and it lowered guidance for the fiscal year.
The connected car systems maker reported adjusted fiscal third-quarter earnings per share of $1.36, below the expected $1.43.
“The majority of the revenue and EPS reduction is related to weakness in the Professional Solutions division as well as supply constraints as a result of the recent earthquakes in Japan,” Harman said in the report.
Harman lowered its guidance on both earnings and revenues for the current fiscal year. It now expects earnings per share of $6.20 on revenues of $6.83 billion for the year.
Harman’s stock is down nearly 15 percent year to date, but has gained 16 percent in the past three months.
HAR in 2016
Source: CNN Investing