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Harman profits rise on sales growth in luxury cars

STAMFORD, Conn. (AP) -- Harman International's fourth-quarter net income more than doubled on strong demand for products used in luxury cars and growing sales in mainstream autos as well.

The automotive electronics and audio equipment maker earned $49 million in the quarter ending June 30, or 69 cents per share, compared with $19 million, or 26 cents per share, a year ago. Revenue grew 6 percent to $1.091 billion.

Excluding restructuring expenses, Harman made 67 cents per share. That beat Wall Street estimates. Analysts polled by data provider FactSet expected 65 cents per share. Revenue was roughly in line.

Harman also doubled its annual cash dividend to 60 cents per share, to be paid at the quarterly rate of 15 cents per share.

The increase is effective for the new fiscal year that started July 1.

The company also lowered its revenue and earnings guidance for fiscal year 2013 because of the translation impact of the weaker euro.

On Oct. 26, Harman said it expected earnings of $3.75 to $4 per share on revenue of $4.55 billion to $4.8 billion. The new guidance is earnings of $3.67 to $3.92 per share on revenue of $4.3 billion to $4.6 billion

For the full fiscal year, Harman made $330 million, or $4.57 per share, compared with $136 million, or $1.90 per share, a year earlier. Revenue rose 15.7 percent for the year to $4.364 billion.

Excluding the benefit from a tax asset valuation allowance, the company made $2.93 per share for the year. Analysts expected $2.91 per share on revenue of $4.364 billion.

Harman's Lifestyle Division, which includes home and vehicle audio, saw sales rise 31 percent in the fourth quarter to $330 million. The lifestyle division serves both the home and vehicle audio needs.

Sales in the Infotainment Division fell 4 percent to $588 million. Infotainment covers vehicle technologies such as navigation, hands-free, Internet and wireless connectivity and safety systems including camera, infrared, and laser technologies.

Shares of Harman International Industries Inc., based in Stamford, Conn., rose 78 cents, or nearly 2 percent, to $43.29 in morning trading. They have traded in a 52-week range of $25.53 to $52.75.