JVCKenwood and Alps Alpine reported sales for April-June, which marks the first quarter for accounting in Japan.
JVCKenwood saw an increase in both sales and net income for the period compared to last year. Sales reached $589 million (64.5 billion yen). This compares to sales of $467 million for the quarter a year ago.
Operating profit was $26 million, compared to a loss of $28 million a year ago.
Net income swung to a profit of over $13 million compared to a loss of $33 million last year.
In the JVCKenwood automotive sector (now called Mobility & Telematics Services) sales reached $353 million compared to $265 million last year. Core operating income for the sector was $2 million compared to a loss of $15 million a year ago.
At Alps Alpine, the Automotive Infotainment sector saw a sales gain of 24 percent to $539 million. But it produced an operating loss of $1.8 million, although this was narrower than last year’s loss of $35 million.
The company said it saw a recovery trend with car sales increasing in the US and Europe. OEM production increased due to higher production of cars with displays and sound systems. Alps Alpine said it created a “Digital Cabin” group to coordinate synergies between Alps Alpine’s component parts business, 5G products for autonomous driving and it efforts in “accelerated product development.”
The company added, “In the three months ended June 30, 2021, the increase in new car sales had a large impact and sales increased and operating income improved compared to the same period of the previous fiscal year.”
In total sales, which include electronic components, Alps Alpine reported $1.6 billion in net sales compared to $1.2 billion a year ago. Operating income swung to a profit of $4.5 million compared to a loss of $60 million last year. Net income was still in the red but the loss was half that of the year prior. Net income was negative $40 million compared to a net loss last year of $83 million a year ago.
I don’t want to hear a DAMN THING about Kenwood’s company growth when I haven’t received just about ANYTHING in a year now! My backorders are over year old now. If they are growing as a company and have profits, WHO is getting their product!!?? Not me!! Not any dealers I know!!! They are showing their true colors in times like this when independent retailers are not getting product and online dealers do. Absolutely ridiculous! Kenwood needs to open up about communication and tell us why we’re not getting product, and when we will. They are saying nothing, nothing at all, which is ridiculous and uncalled for. Customer’s will pay more to get product, and so will we. Just get us product!!! Every other brand is open and up front about getting products…why not Kenwood? What are they hiding??…bad decisions? I would say so. #ifthetruthhurtschangeit