Sony Cuts FY17 Sales Outlook For Devices And Mobile Communications Segments

(RTTNews) - Japanese consumer electronics maker Sony Corp. (SON.L, SNE) said that it cut its fiscal year 2017 sales outlook of Devices, Mobile Communications, and pictures Segments.

The company held its Corporate Strategy Meeting for the fiscal year ending March 31, 2017 or fiscal year 2016. The Company 's President and CEO, Kazuo Hirai, provided an update on the progress of its mid-range corporate plan covering the fiscal year ended March 31, 2016 or fiscal year 2015 through the fiscal year ending March 31, 2018 or fiscal year 2017.

Sony's target of consolidated ROE of more than 10% and consolidated operating profit of more than 500 billion yen for the Sony Group in fiscal year 2017, the final year of its mid-range corporate plan, remains unchanged, and the Company is continuing to manage each of its businesses with the aim of achieving its transformation into a highly profitable enterprise.

Looking ahead for fiscal year 2017, the company now expects sales in Devices segment to be 1.00 trillion yen - 1.05 trillion yen, compared to the previous estimation of 1.30 trillion yen - 1.50 trillion yen.

The company lowered its fiscal year 2017 sales outlook of Pictures Segment to $9.5 billion - $10.5 billion from the previous outlook of $10 billion - $11 billion.

The company cuts its fiscal year 2017 sales outlook of Mobile Communications Segment to 900 billion yen - 1.05 trillion yen from the previous outlook of 1.00 trillion yen- 1.25 trillion yen.