Harman Confirms Impact of Chrysler Strike on Fourth Quarter Earnings
WASHINGTON, May 19 /PRNewswire/ -- Harman International Industries, Incorporated (NYSE: HAR), today reviewed the fourth quarter impact of the month long strike at the Chrysler Corporation (NYSE: C) Mound Road engine plant in Detroit. Chrysler has stated that: "Some 95,000 units were lost during the strike as the lack of engines and other components produced by the Mound Road facility shut down a number of Chrysler assembly operations." Subject to penetration rates, a corresponding reduction in shipment for Harman's Infinity audio systems is estimated to reduce earnings $0.15 per share after tax. The Company had hoped to see a step-up in releases in the fourth quarter to recover some of the lost production, but Chrysler advises that few, if any, of the lost units will be recovered. Harman International Industries, Incorporated is a leader in the design, manufacture and marketing of high-quality, high-fidelity audio products targeted primarily at the consumer, professional and OEM markets. The Company's stock is traded on the New York Stock Exchange under the symbol: HAR. Note: Except for historical information contained herein, the matters discussed are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements, including but not limited to the effect of economic conditions, product demand, currency exchange rates, competitive products and other risks detailed in the Company's Securities and Exchange Commission filings.
SOURCE Harman International Industries, Incorporated
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