Sony Forecasts Q3 Income Before Taxes To Rise 86.6% - Quick Facts

(RTTNews) - Sony Corp. (SON.L, SNE) announced its consolidated financial results forecast for the third quarter ended December 31, 2014. Income before income taxes is expected to increase 76.4 billion yen year-on-year to 164.7 billion yen. Net income attributable to stockholders is expected to increase 62.7 billion yen year-on-year to 89.0 billion yen. Earnings per share is expected to be 76.17 yen for the quarter, compared to 22.58 yen prior year.

Sony expects Sales and operating revenue to be 2.56 trillion yen, an increase of 6.1% compared to the same quarter of the previous fiscal year.

Sony Pictures Entertainment Inc., or SPE, a consolidated subsidiary of Sony, the results of which are reported as the Pictures business segment, had a serious disruption of its network and IT infrastructure as a result of a cyberattack. As a result, SPE was unable to close its financial statements for the third quarter within a timeframe that would have permitted reporting of actual results for the Pictures segment. In order to provide timely disclosure of currently available financial information on a consolidated basis and for each of its segments, the company is disclosing forecasted results, which include the estimated impact of the cyberattack, on a consolidated basis and for the Pictures segment. Sony plans on announcing its actual results for the third quarter by March 31, 2015.

Sony has also revised its consolidated forecast for the fiscal year ending March 31, 2015 from the forecast announced on October 31, 2014. Sony believes the impact of the cyberattack on its consolidated results for the fiscal year ending March 31, 2015 will not be material.

The company expects fiscal year sales and operating revenue of 8 trillion yen. Sony expects fiscal year: loss before income taxes of 5 billion yen; and net loss attributable to stockholders of 170 billion yen.