01.08.2013 10:39:41

Sony Turns To Q1 Profit, Ups Full-year Revenue Forecast

(RTTNews) - Sony Corp. (SNE, SON.L) Thursday reported profit for the first quarter, compared with a loss last year, amid increased sales of smartphones and favorable exchange rates. The electronics giant also raised its full-year revenue guidance to reflect the depreciation of the yen, while keeping the profit outlook unchanged.

Net income attributable to stockholders was 3.48 billion yen or 2.98 yen per share, compared with a loss of 24.64 billion yen or 24.55 yen per share in the prior-year quarter. In US dollar terms, net income for the quarter totaled $35 million.

Sales and operating revenue improved 13 percent to 1.712 trillion yen from 1.515 trillion yen in the year-ago quarter. On a constant currency basis, revenue dropped 3 percent.

Sony attributed the revenue growth to favorable exchange rates, higher financial services revenue and increased unit sales of smartphones.

Operating income surged more than 5 times to 36.4 billion yen, and included a gain of $106 million related to the sale of Sony Pictures Entertainment's music publishing catalog in the Pictures segment and a benefit of $71 million in the Mobile Products & Communications or MP&C segment due to the reversal of a patent royalty accrual.

Segment-wise, Imaging Products & Solutions or IP&S revenue dropped 10.4 percent as a result of decrease in unit sales of video as well as compact digital cameras. Sales were flat in the Game business, but declined 15 percent on a constant currency basis amid lower unit sales of PlayStation 3, PSP and PlayStation 2 hardware.

In the MP&C segment, sales climbed 36.2 percent on higher unit sales as well as average selling price of smartphones.

In Home Entertainment & Sound, or HE&S, sales climbed over 9 percent, but currency-neutral sales dropped 9 percent due to lower sales in the audio and video category.

At constant currency rates, sales were lower in Devices as well as Pictures. Sales suffered in the Devices business due to a decrease in sales of system LSIs for the game business and the absence of sales from the chemical products business that was sold in September 2012.

The Pictures business reflected lower theatrical and home entertainment revenues. However, television network revenues increased due to higher advertising revenues in India.

Financial Services revenue increased nearly 30 percent due to higher revenues at the insurance arm Sony Life.

Looking ahead to the fiscal year ending March 31, 2014, Sony still expects net income attributable to stockholders to be 50 billion yen.

Further, the company raised its fiscal year sales and operating revenue guidance to 7.90 trillion yen from the prior estimate of 7.50 trillion yen, citing the positive impact of the depreciation of the yen, partially offset by downward revisions in annual unit sales forecasts of some electronics products.

The stock added 1.7 percent in Tokyo to close at 2,104 yen.

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