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Sometimes a company will report a quarter that's so revealing it changes Wall Street's views.
That may be the case with Harman, the maker of high-end speakers and dashboard systems. After the latest results came out, Wall Street all but stood and applauded.
Excluding special items with revenue rising 17% to $1.17 billoin. Analysts on average had expected earnings of 86 cents per share on revenue of $1.11 billion.
Alone, those numbers might not seem worthy of a standing ovation, but dig down and you'll find more.
"Harman racked up $1.6 billion worth of new orders in the quarter, with a backlog of business that's worth more than $20 billion," Cramer added.
However, of all the metrics, the Street was, perhaps, most enthusiastic about the following: sales jumped 14 percent to $640 million in the company's biggest business - infotainment. The unit provides integrated navigation, entertainment and communication systems to luxury carmakers.
"This is a big deal," Cramer explained. "Harman is practically married to the automobile market," Cramer said. And Harman does a significant amount of business with Europe.
German carmakers alone accounted for 34 percent of the Harman's revenue for the year ended June, with rest of Europe bringing in another 19 percent.
The results suggest that Europe is getting better. That's a major development for Wall Street. Europe is a major engine of the global economy and any improvement, even if it's just incremental, could easily move the market.
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"I believe Harman earnings are yet another data point that confirms that the turn in Europe's economy is real," Cramer added.
Evidently Wall Street feels the same. Shares of Harman advanced more than 15% on Thursday after the company put out its results.
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