Toshiba reports $322M quarterly profit despite economy
updated 03:55 pm EST, Thu January 31, 2013
Company expects $1.2 billion profit on the fiscal year
Toshiba Corporation today announced its consolidated results for the first nine months of fiscal year 2012 from April through December, and isolated results from the third quarter from October-December of fiscal year 2012. Toshiba’s net sales were 1,357.1 billion yen ($14.9 million) with a profit of $322 million earned, which translates to $0.15 per share. Although the home appliances segment reported higher sales, the Digital Products segment saw decreases that reflected the ongoing worldwide market deterioration. The transfer of its LCD business also contributed to lower sales, affecting the manufacturer's bottom line.
Toshiba noted that retail information systems and office equipment sales were greater than expected from the acquisition of IBM's retail business, its visual products division including LCD television sales saw a marked decrease in income from "sluggish sales in Japan, the United States and Europe." The company's beleaguered PC business recorded a decrease on lower unit sales, particularly in the US.
Toshiba no longer includes mobile broadcasting and mobile phone business in its annual statement, as it classifies them "discontinued operations." Despite being behind its anticipated earnings pace, the company is not adjusting guidance for the full fiscal year, and is expecting annual profits to total $1.2 billion.
