Harman International Industries Inc. HAR is engaged in the development, manufacturing and marketing of audio products, lighting solutions, electronic systems & digitally integrated audio and infotainment systems. The company offers a broad range of products under popular brand names including Aha, Harmon/Kardon and JBL.Apart from audio equipment, Harman’s cloud platform and scalable technology are gaining popularity with the rise in numbers of connected cars. This, along with the company’s powerful brand portfolio, is a major growth driver.However, the automotive market that contributes a major portion of Harman’s net sales — faces several challenges. The market is currently witnessing a certain amount of volatility primarily due to the economic downturn, which directly impacts the company’s results.Harman is also exposed to significant customer concentration risks with its top four customers accounting for approximately half of its revenues. This is a concern as the loss of any one of these customers would significantly dent revenues. Also, the company does not have long-term contracts with these automakers, which is another cause of concern.Zacks Rank:Currently, Harman has a Zacks Rank#4 (Sell) but that could change following its third quarter fiscal 2016 earnings report which has just released.We have highlighted some of the key details from the just-released announcement below:Earnings:Non-GAAP earnings per share came in at $1.36, lower than the Zacks Consensus Estimate of $1.44. Earnings increased 11.5% from the year ago quarter.Revenue:Revenues of $1.63 billion missed the Zacks Consensus Estimate of $1.70 billion but improved nearly 11% year over year.Key Stats:Non-GAAP gross margin of the company improved by 160 basis points to 30.4% in the quarter.Check back later for our full write up on this HAR earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HARMAN INTL IND (HAR): Free Stock Analysis Report To read this article on Zacks.com click here.