Pioneer Electronics’ car audio product sales fell during its recent quarter ending in June, due to lower sales of navigation system in particular.
The car audio division saw a drop in net sales of 2.4 percent to the equivalent of $818 million (79,088 million yen). But apart from navigation, other aftermarket products rose in sales including in North America. And OEM sales rose.
OEM sales accounted for 58 percent of car electronics sales, compared to 53 percent a year earlier.
Home electronics sales fell 4.6 percent compared to last year to the equivalent of $210 million (20,368 million yen) but sales of DJ equipment grew. The home sector loss was due mainly to lower sales of optical disc drive products.
For all categories combined, Pioneer’s sales fell 2 percent for the quarter to about $1.1 billion (109,257 million yen, compared to 111,430 million yen a year ago).
Pioneer also widened its net income loss to the equivalent of $104 million for the quarter compared to a net loss of $28.5 million a year ago (a loss of 10,076 million yen, compared to a loss of 2,761 million yen a year ago).
The company also revised downward its expected sales for the year by 2 percent to $5.2 billion. It expects now to see a net income of $5 million for the year (500 million yen,) instead of the previously forecast 6,000 million yen.
Pioneer stated, “In Car Electronics, we anticipate sales of consumer-market car navigation system to fall short of our initial target, reflecting weak market conditions in Japan, and sales of car audio product overseas, mainly in emerging markets, to miss our initial target.”
Source: Pioneer Electronics