Pioneer Posts Q3 Sales Gain, Higher Net Loss

But nine-month net loss shrinks 29% to $40 million
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Kanagawa, Japan – Pioneer posted an 8 percent sales gain in its third quarter to ¥136,433 million $1.15 billion), but operating income fell 39.6 percent to ¥1,664 million ($13.9 million), and the company’s net loss grew 32 percent to ¥2,303 million ($15.1 million) from a year-earlier net loss of ¥1,748 million.

For the first nine months of fiscal 2015 ending December 2014, net sales rose 2.7 percent to ¥372,361 million ($3.14 billion), operating income increased 51.3 percent to ¥5,032 million ($42.5 million), and the company’s net loss shrank 29 percent to ¥4,737 million ($40 million) from a year-earlier loss of ¥6,699 million.

In the quarter, car electronics sales grew 7.1 percent to ¥92,342 million. Consumer-market car-electronics sales rose in North America and Europe, but a shift to lower priced models led to a decline in the Japanese market, resulting in a net decline, the company said. Car OEM sales declined in Japan but rose in China and North America to deliver an increase in OEM sales.

Home electronics sales grew 12.6 percent to ¥34,284 million, but that was primarily the result of increased sales of optical disc drive-related products and equipment for cable-TV systems, the company said.

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