Harman Provides ‘08 Guidance
Harman International Industries Tuesday said it expects fiscal 2008 sales to reach $4.1 billion, compared to $3.55 billion during this fiscal year. The company also estimated sales for the quarter ending Sept. 30 of $950 million, operating profit of $40 million and diluted earnings per share of 50 cents. Sales during the fourth quarter of fiscal 2007 and the first quarter of fiscal 2008 were affected by increased R&D costs, the company reported, adding that it expects margin improvements during fiscal 2008 as it begins launching new infotainment platforms.
The $8 billion deal for Harman to be acquired by the private equity firm KKR, with assistance from Goldman Sachs, collapsed on Friday.