Harman Chief Projects $7 Billion in 2016 Revenue, After $6.2 Billion in FY 2015

Harman gave revenue guidance of $7 billion for the fiscal year ending June 30, at its investor conference in New York Thursday. Total company revenue is forecast at $7 billion, vs. $6.2 billion for FY 2015, it said. By division, revenue forecasts are $3.2 billion in connected car, $2 billion in lifestyle audio, $1.1 billion for professional solutions and $735 million for connected services, said Harman. Q4 sales, reported Tuesday, were $1.7 billion, up from $1.4 billion in Q4 2014, it said. In a statement, CEO Dinesh Paliwal highlighted an increase in Harman automotive backlog to a record $23 billion. Paliwal also noted the company diversified its portfolio through expanding software services and positioning itself to take advantage of IoT opportunities.