JVCKenwood reported stellar earnings for the first nine months of the Japanese fiscal year that ends March 31.
Profits soared 130 percent to $32.2 million compared to $13.8 million a year ago. Sales rose to $2.06 billion (2.3 billion yen) compared to $1.97 billion a year ago. And operating income rose to $57.8 million, up from $42.8 million a year ago.
In the automotive sector, specifically, JVCKenwood sales rose to $1.2 billion from $1.1 billion a year ago. Operating income for the sector increased to $54.8 million, up from $42 million. The automotive sector comprises over 54 percent of JVCKenwood’s business.
JVCKenwood’s fellow car audio manufacturers Pioneer and Alpine have changed the way they report earnings.
Pioneer Corporation is no longer a public company, having been purchased by Baring Private Equity Asia, so it no longer publicly reports its earnings. Alpine officially became a wholly-owned subsidiary of Alps Alpine in December.
Alpine now reports as the Automotive Infotainment division of the new company but some Alps products are mixed in with the results, said the company.
The division posted sales of $2 billion (221.5 billion yen) and an operating income of $110 million for the first three quarters of the fiscal year. This is up from sales of $1.7 billion last year with an operating income of $83.2 million.
Sales of both Alps Alpine audio equipment and navigation systems increased with a significant increase in OEM sales of navigation equipment in Japan.
Navigation sales increased in all markets, said Alps Alpine.