Sony misses by JPY10.05, misses on revs; reaffirms FY17 revs guidance :
- Reports Q2 (Sep) earnings of JPY3.84 per share, JPY10.05 worse than the Capital IQ Consensus of JPY13.89; revenues fell 10.8% year/year to JPY1688.9 bln vs the JPY1770.77 bln Capital IQ Consensus.
- This decrease in revs was mainly due to the impact of foreign exchange rates. On a constant currency basis, sales were essentially flat year-on-year, due to a
decrease in Mobile Communications segment sales reflecting a significant decrease in smartphone unit sales, substantially offset by an increase in revenues in the Financial Services segment due to an improvement in investment performance in the separate account at Sony Life Insurance Co, as well as an increase in sales in the Pictures segment.
- This decrease in revs was mainly due to the impact of foreign exchange rates. On a constant currency basis, sales were essentially flat year-on-year, due to a
- Co reaffirms guidance for FY17, sees FY17 revs of JPY7.4 trln vs. JPY7630.55 bln Capital IQ Consensus Estimate.
- Recall, co lowered its FY17 forecast yesterday
- Related to the planned transfer of its battery business, Sony expects to record an impairment charge of ~JPY33.0 billion as an operating loss in the Components segment and JPY4.5 bln is expected to be recorded in income taxes during the fiscal year ending March 31, 2017 (April 1, 2016 to March 31, 2017). As a result, a loss of ~JPY37.5 billion is expected to be recorded in net income attributable to Sony Corporation's shareholders for the fiscal year ending March 31, 2017.
- Co lowered FY17 net income of JPY60 bln, down from JPY80 bln prior (per yesterday's release)
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