Tokyo — Toshiba said on Wednesday quarterly profit more than tripled, as proceeds from subsidiary sales made up for weak microchip revenue, but it tweaked its full-year outlook higher.
Net income climbed to $599.2 million in the company's fiscal third quarter from $179.8 million a year earlier, the Tokyo-based company said in a release. Sales rose 13 percent to $1.48 billion.
While Toshiba said price competition hurt its computer chip businesses, strong results by other units more than offset their negative performance. Overall performance was lifted by special one-time gains from the sale of stakes in GE Toshiba Silcones Co. and Toshiba Ceramics Co.
Encouraged by the results, Toshiba lifted its full-year profit forecast 9 percent to $991.7 million and boosted its sales outlook 3.7 percent to $57.9 billion.
Sales rose in Toshiba’s digital products business, where its consumer electronics and PC categories reside, and the company’s home appliance and lighting unit also returned to operating profit in the period from a loss the year before, boosted by solid air-conditioner sales, the company said.