In Japan Sony and Nippon Steel Estimate Lower Annual Sales

Hiruki Nakamura
29 Oct, 2015
New York City

Nikkei average in Tokyo closed higher in quiet trading and industrial output in September rose 1%. Sony Corp estimated annual sales to decline less-than-expected 3.8% and forecasted net profit. Nippon Steel said first-half sales decreased 10% and estimated annual net sales to fall 11%.

[R]4:30 PM Tokyo – Nikkei average in Tokyo closed higher in quiet trading and industrial output in September rose 1%. Sony Corp estimated annual sales to decline less-than-expected 3.8% and forecasted net profit. Nippon Steel said first-half sales decreased 10% and estimated annual net sales to fall 11%.[/R]

In quiet trading, Nikkei average in Tokyo closed higher and industrial output increased 1% in September.

The seasonally adjusted industrial output in September jumped 1% followed by 1.2% decline in August, the Ministry of Economy, Trade and Industry said.

For the year, industrial production slipped 0.9% compared to 0.4% decrease in the previous month.

On a seasonally adjusted basis, retail sales in September jumped 0.7% from the previous month.

The Nikkei 225 Stock Average gained 32.69 or 0.2% to 18,935.71 and the broader Topix index slid 0.08 to 1,547.11.

The yen strengthened to 120.86 against a dollar.

Stocks in Review

Hoya Corporation surged 6.9% to 4,856 yen after the imaging, healthcare and medical products maker said net sales in the first-half ending in September jumped 9.4% from a year ago to 256.40 billion yen.

Net income in the period soared 12.1% to 50.38 billion yen compared to 44.95 billion yen and diluted earnings per share rose to 120.40 yen from 105.30 yen.

The healthcare and medical products maker estimated net sales for the year to jump 3.1% to 1.79 trillion yen and net income to increase 32.5% to 52 billion yen.

Hulic Co Ltd rose 0.4% to 1,112 yen after the real estate and insurance company agreed to acquire Tokyo-based Simplex Investment Advisors for about 155 billion yen or $1.3 billion from the U.S.-based privately held investment company Aetos Capital.

Orix Corporation slid 0.1% to 1,809 yen after the financial services provider reported net sales in the first-half ending in September soared 22.5% from a year ago to 1.17 trillion yen.

Net income in the period surged 14.2% to 161.30 billion yen compared to 141.30 billion yen and diluted earnings per share jumped to 123.11 yen from 107.72 yen.

Nippon Steel & Sumitomo Metal Corp slipped 1.1% to 2,457.50 yen after the steel producer reported net sales in the first-half ending in September declined 9.8% from a year ago to 2.51 trillion yen.

Net income in the period jumped 7% to 120.12 billion yen compared to 112.25 billion yen and earnings per share increased to 131.23 yen from 123.02 yen.

The company forecasted net sales for the year to plunge 10.9% to 5 trillion yen and net income to tumble 16% to 180 billion yen.

Panasonic Corporation gained 0.5% to 1,388 yen after the home appliances maker reported net sales in the first-half ending in September rose 1% from a year ago to 3.76 trillion yen.

Net income in the period advanced 37.6% to 111.3 billion yen compared to 80.9 billion yen and diluted earnings per share increased to 48.11 yen from 35.01 yen.

Sony Corporation increased 0.9% to 3,466 yen after the electronic gadget and media operator reported revenues in the second-quarter ending in September fell 0.5% from a year ago to 1.89 trillion yen.

Net in the quarter swung to profit 33.6 billion yen compared to a loss of 136 billion yen and diluted earnings per share swung to 26.10 yen from diluted loss per share of 124.32 yen.

The company forecasted net sales for the year to drop 3.8% to 7.9 trillion yen and net income to of about 140 billion yen.