Pioneer Fiscal Q3 CE Segment Revenue Rises 8.4%
By Jeff Malester -- TWICE, 2/10/2003
Tokyo — Strong sales of plasma televisions played a key role in helping the Home Electronics segment at Pioneer pull down an 8.4 percent fiscal third quarter sales increase, to $639.4 million, up from $597.5 million in the year-ago period.
Operating income for the Home Electronics segment about trebled, hitting $28.5 million in the third quarter, ended Dec. 31, compared with $9.5 million in the same three months in 2001.
Overseas sales for Pioneer's electronics business climbed 4.5 percent in the third quarter, reaching $435.9 million, up from $422.6 million in the same quarter the previous year.
Car Electronics segment sales were flat in the third quarter, coming in at $541.6 million for the three months, compared with about $540 million in the same quarter in 2001.
Operating income for the car business hit $38.1 million in the third quarter, compared with $25.8 million year over year.
Overseas sales for the car segment also were about flat, registering $318 million for the third period, up from $317.1 million in the year-ago three months.
For the nine months, Home Electronics segment revenue reached $1.5 billion, a 7.9 percent increase, compared with the $1.4 billion registered in the previous year. However, the segment recorded an operating loss of $3.4 million for the nine months, but down substantially from an operating loss of $84 million in the first nine months of 2001.
Car Electronics, for the nine months, enjoyed a 10.5 percent revenue increase, moving up to $1.8 billion, compared with $1.6 billion in the year-ago period. Operating income for the car business came in at $177.3 million for the nine months, up from $117 million in 2001.
Consolidated third quarter revenue at Pioneer increased 8.5 percent, to $1.6 billion, up from $1.5 billion in the year-ago three months. Net income for the period more than doubled, to $67.2 million, compared with $26.8 million in 2001.
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