Pioneer Reports Strong Quarter on Falling Yen

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Pioneer reported higher sales in both car and home electronics mainly due to the falling value of the Japanese yen.

Total sales rose 12.3 percent for the recent quarter ended September 30 over a year ago to  the equivalent of about $1.28 billion.

Net income swung to a positive $51 million compared to a loss of $47.8 million a year ago.

Car electronics sales rose 13.5 percent to $892.4 million on an increase of car audio aftermarket and OEM sales, again fueled by the depreciation of the yen.  In navigation, sales increased in the OEM market.  OEM sales accounted for 53 percent of Pioneer’s total car electronics sales for the period, compared with 51 percent a year ago.

Home electronics  grew 26.2 percent over the quarter a year ago.

During the period, the average value of the yen declined 20.5 percent against the U.S. dollar.

Source: Pioneer Electronics

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