UPDATE 2-Harman posts narrower-than-expected Q1 loss; shares up

jueves 29 de octubre de 2009 22:50 CET

* Q1 loss/shr $0.14 vs loss/shr est $0.23

* Q1 rev beats estimates

* Toyota selects Harman in Europe

* Shares rise 9 pct after-market (Adds CEO comment, background)

By S. John Tilak

BANGALORE, Oct 29 (Reuters) - Harman International Industries Inc HAR.N posted a narrower-than-expected quarterly loss as it benefited from aggressive cost-cutting initiatives and market share gains, sending its shares up 9 percent.

The audio products company, whose brands include Harman Kardon, JBL, Mark Levinson and Infinity, also returned to positive operating income, excluding non-recurring items.

"For our company, the leading financial indicators are sound and improving," Chief Executive Dinesh Paliwal said in an interview with Reuters.

Harman's core business is in sales of equipment such as sound and navigation systems to the automotive industry, which has been hurt by the economic downturn.   Continuación...