NEW YORK –
The fiscal third-quarter financials came in for top Japanese CE suppliers a month after International CES and the end of December, and were by and large bleak to say the least.
Most companies blamed, in no particular order, the high exchange rate of the yen, the ongoing effects of the Great East Japan Earthquake and Thailand floods on their supply chains, the overall world economic malaise, lower TV sales, and lower prices during the quarter, ended Dec. 31, 2011.
Most companies cut their forecasts for their fiscal years, which will end March 31, 2012; reported record losses due to the extraordinary events; and, in the case of Sony, announced that, as expected, executive deputy president Kazuo Hirai will become president/CEO of Sony on April 1, replacing Howard Stringer, who will remain as chairman.
Here, starting with Sony, is a company-by-company review of the financials:
net loss was 159 billion yen ($2.038 billion) in the fiscal third quarter, compared year-on-year to net income of 72.3 billion yen in the same quarter of the previous fiscal year.
Sales were 1,822.9 billion yen ($23.4 billion), a decrease of 17.4 percent compared with the same quarter of the previous fiscal year.
In its consumer products and services segment, sales decreased 24.4 percent year on year to 996.5 billion yen ($12.8 billion). Sales to outside customers decreased 25.3 percent year on year.
An operating loss of 85.7 billion yen ($1.09 billion U.S. dollars) was recorded, compared with operating income of 63.5 billion yen in the same quarter of the previous fiscal year.
reported a 14 percent drop in sales and a major net loss in its fiscal third quarter.
In the fiscal third quarter net sales were 1,960,200 million yen, down from the prior year’s fiscal third quarter of 2,285,413. The net loss attributable to Panasonic in the quarter was 197,668 million yen, compared with the prior year’s net income of 39,983 million yen.
In its digital AVC networks segment, for the first nine months of the year sales decreased by 16 percent to 2,182.9 billion yen, from 2,585.4 billion yen a year ago. Segment loss amounted to 32.7 billion yen, compared with segment profit of 101.2 billion yen a year ago, due mainly to sales decrease and price decline.
Sanyo’s 47 billion yen loss in the first nine months of the fiscal year compared with a segment profit of 0.4 billion yen a year ago. Sales decreased by 20 percent to 974.1 billion yen, compared with 1,223 billion yen a year ago.
JVC Kenwood Holdings
actually reported a higher net profit but lower net sales and operating profit for the nine months ending Dec. 31, 2011.
JVC Kenwood’s net income was 4,409 million yen, about double from the prior year. Net sales were 236,542 million yen, down 11.5 percent from the prior year. Operating income was 8,791 million yen, down 6.6 percent from the prior year, the company reported.
Car electronics sales were 77,707 million yen, down 2,851 million yen. Operating profit was 4,360 million yen, down almost a third from the prior year’s 6,024 million yen.
Home and mobile products sales were down almost 20,000 million yen to 59,274 million yen. But the segment had an operating profit of 1,433 million yen compared with an operating loss of 378 million yen in the prior year.
reported double-digit decreases in net sales and operating profit and a net loss for the nine months, ended Dec. 31, 2011.
Net sales were 1,903.6 billion yen, down 18.3 percent year on year, and operating income was 9.1 billion yen, down 86.3 percent compared with the prior year. Sharp’s net loss for the period was 213.5 billion yen, compared with the prior year’s net profit of 21.8 billion yen.
In sales by product group, consumer/information products were 1,273.9 billion yen in the first nine months of the year, down 17.5 percent. Operating income was 55.8 billion yen, down 14.9 percent.
Audio/visual and communications equipment, which includes LCD TVs, had sales of 851.2 billion yen, down 25.4 percent compared with the prior year. Operating income was 11.3 percent, down 69.1 percent.
digital media and consumer products segment reported revenues in its fiscal Q3 being down by 22 percent to 194.6 billion yen, or $2.49 billion, and the operating loss was 4.7 billion yen, or $60 million, a change of 14.6 billion yen from operating income in the corresponding period of the previous year, according to Hitachi.
digital products segment sales in its fiscal third quarter were down 25 percent to 430,759 million yen. The operating loss was 15,163 million yen, compared with a year-on-year loss of 27,189 million yen.
which said it would merge its U.S. homeaudio subsidiary with its U.S.-based musical instruments and pro audio subsidiary on April 1, reported declines in sales and net income for the nine-month fiscal 2012 period ending Dec. 31. Sales fell 5.2 percent to 270.6 billion yen ($3.56 billion), operating income fell 32.8 percent to 11 billion yen ($144.3 million), and net income fell 72.7 percent to 2.73 million yen ($35.8 million).