Harman Q2 sales up 10% y/y to USD1.95 billion

Company withdraws FY2016/17 financial guidance in light of pending acquisition by Samsung Electronics

Harman’s net sales increased 10% year-over-year (y/y) to USD1.95 billion in the second quarter ended 31 December 2016, the US-based supplier of infotainment systems and connected car solutions said in a press release last week. Sales, excluding currency impacts, increased by 11% y/y. Higher sales helped Harman to report 9% y/y increase in operating income to USD174 million while EBITDA improved by 4% y/y to USD227 million. The company, however, concluded the second quarter with a 12% y/y decline in net income to USD99 million.