Harman profit hits high note

Audio equipment maker Harman Int'l (HAR) said fiscal Q1 EPS jumped 20% to 95 cents, well above estimates for 86 cents. Sales grew 17% to $1.17 bil, also trumping views for $1.11 bil on higher demand from luxury-car makers such as Daimler AG, Ferrari and Volkswagen. A recovery in Europe, a large market for Harman, should continue to boost results, CEO Dinesh Paliwal said. German carmakers accounted for 34% of the company's revenue for the year ended in June, with the rest of Europe accounting for another 19%. Shares spiked 12.5% to 81.02.