Pioneer Swings to Loss in Recent Quarter

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Pioneer

Pioneer’s net sales dropped 3.5 percent and its net income swung to a loss as sales of navigation radios declined, and consumers opted for less expensive radios.

The results are for the recent quarter ending September 30.

Specifically, car electronics sales fell 2.6 percent from last year, down to $747 million (86,168 million yen).   OEM sales, however, continued to perform well and total OEM sales accounted for 56 percent of car electronics, compared with 53 percent a year earlier.

Home electronics sales fell $14.2 percent down to $222 million (25,550 million yen).

Total company-wide sales fell to $1.06 billion (122,594 million yen) down from $1.1 billion a year ago.

Net income fell to a loss of $3 million compared to a gain for $44 million for the quarter a year ago.

As announced in September, Pioneer is spinning off its home audio and DJ businesses.

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