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Hitachi CE Segment Sales Up 2% For Fis. Year

4/29/2004 09:01:00 AM Eastern

Tokyo — Growth in plasma televisions and mobile phones translated into a 2 percent, 12-month sales increase for the digital media and consumer products segment at Hitachi.

Sales for the consumer electronics segment reached $11.6 billion for the fiscal year, ended March 31, up from $11 billion in the same period a year ago, while segment operating income jumped 12 percent, hitting $66 million, up from $56.7 million year-on-year. The company cited improved earnings for both plasma TVs and mobile phones.

Sales to North America dropped 2 percent to $8.2 billion for the year, while total overseas sales jumped 13 percent to $28.1 billion for the period. Operating income for North America took a significant hit in the 12 months, down 25 percent to $43.3 million from the previous year’s $57.9 million.

Looking ahead for it CE segment business, Hitachi anticipates a 4 percent sales increase for both the current six months and year to $5.6 billion and $11.6 billion, respectively. Operating income for the segment should come in at $82.1 million for in first half and $219.4 million for the 12 months, said the company.

Consolidated Hitachi sales for the year rose 4 percent to $81.4 billion from $74.9 billion in the same period a year ago. Operating income climbed 21 percent, reaching $1.7 billion in the 12 months, compared with $1.4 billion a year earlier. Net income declined 43 percent to $150 million for the year, down from $254.7 million year-over-year.

Hitachi anticipates a 2 percent sales increase to $83.8 billion in the current fiscal year, ending in March of 2005. Operating income is expected to rise 62 percent to $2.9 billion, while net income should get better than a five-fold boost to $952 million.