Pioneer swung to a profit for its recent quarter ended September 30, and said sales of car stereo to consumers in North America gained.
Net income was $4.2 million compared to a loss of $2.8 million a year ago.
Sales however fell by 7 percent to $921 million (113,575 million yen), down from $995 million (122,594 million yen) a year ago.
In car electronics, specifically, sales grew by 2.6 percent compared to the quarter a year ago totaling $717 million. While car stereo retail sales gained in North America, they were more than offset by falling sales in Europe and Central and South America.
OEM car stereo sales rose, mainly from increases in North America and Japan. And OEM sales accounted for 60 percent of Pioneer’s car electronics sales for the period.
While Pioneer posted a strong quarter, it is still down for the year due to poor results in the first quarter. So overall for the first half, sales fell almost 6 percent to $1.8 billion (222,595M yen) from $1.9 billion (235,928M yen). Net income tallied at a loss of $16 million compared to a loss of $19.75 million for the first half last year.
Pioneer also lowered its sales projections for its full fiscal year but kept its profit forecast steady. The company now forecasts sales of $3.77 billion for the year, (down from its earlier forecast of $3.95 billion) with a net income of $8 million.