JVC Kenwood has lowered its sales expectations but it increased its profit forecast dramatically for the year (ending March 2015).
The lower sales do not appear to be related to car audio performance in the US fundamentally, but reflect lower optical & audio product sales and radio communication equipment sales plus an overall economic downturn in Europe.
Net income is expected to rise by 55 percent due to “extraordinary income” from structural changes at the company such as “realignment of domestic and overseas bases.” JVC Kenwood now expects net income for the year to hit $39.1 million (4.65 billion yen) up from $25.2 million projected earlier.
Net sales are expected to fall by 5 percent to $2.4 billion (285 million yen) from $2.52 billion projected earlier.
Final results for the financial year ending March 2015 will likely follow next month.
