Even though sales of Pioneer’s OEM in-car navigation systems were up, Pioneer’s net sales fell 13 percent during its recent quarter ended December 31, 2011. Causing the decline was a steep fall in sales of optical disc drive-related products compared to last year, when there was a spike in sales due to Japan’s shift to digital broadcasting. Floods in Thailand also caused shortages in car audio products, resulting in lower overall car audio sales, the company reported Thursday.
Pioneer swung to a loss in net income of about 8 billion yen, compared to positive net income last year for the quarter of over 2.6 billion yen.
Car Electronics sales decreased 5.7 percent year on year, to 58,406 million yen, reflecting product shortages and the yen’s appreciation. OEM sales of car audio products grew in North America and OEM sales of car navigation grew globally. But in China and Japan, OEM sales of car audio declined. In total, OEM sales accounted for 49 percent of car electronics sales, compared with 44 percent for the quarter (fiscal Q3) last year.
Total sales for Q3 were almost 102 billion yen compared to 117 billion yen a year ago.
For a full accounting see MarketWatch.