Sony FY2019 Q2 Summary: Sales Increased 22% Year-on-Year

Imaging & Sensing Solutions (I&SS) Sales are expected to be higher than the July forecast due to higher-than-expected sales of image sensors for mobile products, resulting from an improvement in product mix and higher-than-expected unit sales. Operating income is expected to be significantly higher than the July forecast primarily due to the impact of the above-mentioned expected increase in sales.

The forecasts for financial services revenue and operating income for the Financial Services segment remain unchanged from the July forecast.

The effects of future gains and losses on investments held by the Financial Services segment due to market fluctuations have not been incorporated within the above forecast as it is difficult for Sony to predict market trends in the future. Accordingly, future market fluctuations could further impact the current forecast.

The above forecast is based on management’s current expectations and is subject to uncertainties and changes in circumstances. Actual results may differ materially from those included in this forecast due to a variety of factors. See “Cautionary Statement” below.

• Despite the negative impact of exchange rates, FY19 Q2 sales increased 22% year-on-year to 310.7 billion yen primarily resulting from an increase in unit sales of image sensors for mobile devices and an improvement in product mix.
• Operating income increased 28.5 billion yen to 76.4 billion yen due to the impact of the increase in sales, partially offset by an increase in research and development costs and depreciation expense.
• Both sales and operating income were the highest on record for a quarter in the I&SS segment.
• We revised upward our FY19 sales forecast 50 billion yen to 1 trillion 40 billion yen and our operating income forecast 55 billion yen to 200 billion yen.
• At present, we are maintaining a cautious view in our forecast for sales in the second half of the fiscal year, when demand is usually lower than the first half of the fiscal year. However, we plan to continue to operate at full capacity utilization in order to strategically stockpile inventory to meet demand next fiscal year.

via Sony

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