For a company the size of Harman? Yes, thats exactly what I'm saying. They take far too much effort to reach far to small an audience. But they're cheap, they're hip, and even large companies can't be talked out of spending too many resources on them.
Tim
Tim,
Harman International is a
publicly-listed company. Everything they do is for one purpose, and one purpose only.
“I’m very pleased to report that earlier this morning we released very strong results for the fourth quarter and full year. Net sales increased 28% in the quarter to $1.7 billion, excluding the impact of foreign exchange. Our Infotainment, Lifestyle, and Professional divisions each reported double-digit growth and as you are aware, we just added the Services division to our structure during the quarter. Our performance from the top line resulted in a strong bottom line…
We finished the quarter with $187 million in EBITDA, an improvement of 22% compared to the prior year and earnings per share of $1.37, an improvement of 10%. This represents our ninth consecutive quarter of top and bottom line growth. This also caps a banner year for HARMAN; revenue, EBITDA, and EPS all reached record highs. We hit $6.2 billion in revenue, an increase of 22% excluding foreign exchange, EBITDA improved 26% to $699 million, and we grew EPS by 29% to $5.71…
During the quarter, HARMAN launched a new scalable Infotainment platform in Japan for Suzuki. It's worth pointing out the significances of this achievement, because it is a first-time a non-Asian supplier has delivered an infotainment solution designed specifically for the Japanese market.
In addition, HARMAN secured new business with Deere & Company to design a new infotainment system for their John Deere farm equipment. The Deere award is HARMAN's second win in the commercial infotainment market, following our previously announced award with MAN/Scania.
Finally, we were awarded follow-on business from Chinese automaker, Guangzhou Automotive, a joint-venture partner of FIAT Chrysler Automobiles.
During the quarter, HARMAN secured new car audio awards from BMW, Daimler, KIA and Lexus among others. We have also won a competitive branded audio award for one of the largest North American automakers. The company's Car Audio solutions continued to expand across car lines globally.
Our branded solutions that launched during the quarter include a HARMAN car and audio system for the Maserati Ghibli and Quattroporte vehicles, also featuring HARMAN's Clari-Fi sound restoration technology. Our new Bowers & Wilkins branded system for the BMW 7 Series, Revel audio, and Ford's new Lincoln Continental and Infinity surround sound in Hyundai Santa Fe, featuring our Quantum Logic signal processing technology.
On June 1, we completed the acquisition of the Bang & Olufsen Automotive audio business. And in June also, Audi launched their new A4 featuring Bang & Olufsen branded audio-system.
Now turning to the Professional division, which is highlighted on slide nine of the investor presentation. Despite continued currency headwinds and sluggish growth in Europe and Emerging Markets, we grew revenue in the quarter, both sequentially and year-over-year.
With the completion of our acquisition of Symphony Teleca, we formed our Services division and their results are highlighted on slide 10 of the investor presentation. Our Services division targets customers seeking solutions at the intersection of cloud, mobility, and analytics. During the quarter, we added several new customers ranging from Morgan Stanley to GoDaddy.com. In addition, we secured repeat business form several existing customers including Mazda, Merrill Lynch, Microsoft, and BlackBerry.
Another highlight of the quarter, Microsoft named HARMAN, the 2015 IoT Partner of the Year. This award acknowledges HARMAN's competence across connected car, connected home, and connected enterprise. We are one of the largest cloud partners of Microsoft and continues to develop innovative software solutions for large enterprises and independent software vendors across the globe.
Despite challenging economic environments in Brazil, Russia and India, recent headwinds in China, we still surpassed the $1 billion mark in revenues for the first time in our BRIC markets. This is a huge deal for us, and by-far the biggest deal anybody could think of. China now contributes nearly $700 million to the top line, which is nearly 10% of our company's revenue, very soon. This is 64% CAGR over the last six years.
We completed three major acquisitions during this fiscal year. We've been talking about building a Services division for some time now. We began to diversify our portfolio back in July 2013, with the launch of Automotive Services.
In summary, fiscal year 2015 was an outstanding year for HARMAN. And if we look back over the last two years, the results are even more impressive. We added $2 billion in revenue, a growth of over 40%. We grew our EBITDA nearly 70%, adding $300 million of incremental EBITDA and during these last two years, we've grown our earnings per share by 86%. We look forward to continuing this momentum in fiscal year 2016.”
Dinesh C. Paliwal, Earnings call Q4 2015 (Edited from full transcript)
Here's the major direct shareholders:
Here's the top institutional holders:
Information from Q4 2014 13F filings from SEC, reveal 380 institutional investors and hedge funds had shares of Harman International Industries Inc. In the last quarter, the firm had
92.58% institutional ownership.
By the way, after the publishing of a report filled with U.S. Security and Exchange Commission, the President (Lifestyle Div) of Harman International Industries Inc, Michael Mauser, made a sale in the open market by unloading 9,167 shares at the average stock price which was $126.3 of the company worth $1,157,517 USD.
Around the same time, Dinesh Paliwal, Chairman – President and CEO of Harman International Industries Inc., made a sale of 34,470 shares of the firm having a total value of $4,400,143 U.S Dollars at an average $127.7 per each share. Apparently, the trade raised a few eyebrows, as Mr. Dinesh at the moment has in hand 137,423 shares, accounting for 0.20% of Harman International Industries Inc’s stock market capitalization.
Just some facts, for your opinions.
P.S. Probably won't surprise you that nowhere in this call with Dinesh Palatal and Sandra Rowland (EVP/CFO) were the names, Toole, or Olive mentioned once - they are small cogs by comparison. Neither was the word "science". It is not a science-driven company, it is a share-holder driven company.