JVCKENWOOD and AlpsAlpine announced their quarterly results for the period ending June 30, 2024, which is the first quarter of the Japanese business year.
JVCKENWOOD saw overall strong results due to solid OEM business and better sales in its Safety & Security (up 10 percent) and Entertainment divisions. Aftermarket sales were down, mainly due to a decline in the Japanese market, said the company.
OEM sales were strong in speakers, amplifiers, antennas, cables and lenses, reported JVCKENWOOD.
The Mobility & Telematics Services division (which includes the aftermarket) reported a 1.3 percent increase in sales to $326 million (47,939 million yen) with a core operating income of $4.2 million for the sector, up from $2.8 million a year ago.
For all divisions, JVCKENWOOD revenue hit $596 million, up from $581 million a year ago. Core operating income rose to $41 million, up from $34 million and operating profit was also $41 million compared to $34 million a year ago. Net profit was $37 million, up from $24 million for the quarter a year ago.
AlpsAlpine Modules & Systems Business (Alpine falls under the Systems category) had an increase in sales but it widened a loss in operating income. Part of the loss was due to a decline in European OEM contracts and higher labor costs, reported the company.
AlpsAlpine Modules & Systems Business sales were $923 million (135.9 billion yen) compared to $900 million for the quarter a year ago. Operating income saw a loss of $41 million compared to a loss of $20 million a year ago.
Total sales for the company for the quarter were $1.6 billion compared to $1.5 billion a year ago. Operating income swung to a gain of $8.1 million versus a loss of $17 million a year ago. Ordinary income was $32 million compared to $16 million a year ago and net profit was $2.7 million compared to a net loss of $16 million a year ago.
Much of the increase in sales was in the AlpsAlpine component business including actuators for the mobile market and detection switches for the automotive market.
