Pioneer Corporation reported strong results in sales and income in car electronics, but lesser results for the company overall for the quarter ended June 30.
In car electronics, Pioneer achieved a sales gain of 4.2 percent. It also swung to an operating profit compared to an operating loss a year ago.
Operating income for car electronics was $20 million compared to a loss of $30 million last year. Sales rose to $803 million driven by gains in consumer sales as well as OEM sales.
Pioneer divides sales between navigation and car audio.
In car audio, consumer sales rose “primarily in North America and Central and South America,” while sales were lower in Europe. Car audio OEM sales declined in North America and Japan but were offset overall by sales in other geographies.
In navigation, both consumer and OEM sales increased overall.
OEM sales accounted for 56 percent of total car electronics sales compared with 58 percent a year earlier.
Sales also increased 1 percent in home audio to $207 million and almost 6 percent in “other” products to $100 million, but these segments reported operating losses in income.
Total overall sales for all divisions during the fiscal first quarter increased almost 4 percent to $1.1 billion (113,334 million yen) compared to $1.06 billion (109,257 million yen) a year ago. But the company reported a total net loss of $20 million (2,089 million yen) , which was narrower than last year’s net loss of $98 million (10,076 million yen).
Source: Pioneer Corportation