By Kosaku Narioka
Fanuc Corp. Shares fell sharply Wednesday morning after the Japanese industrial-robot maker posted a net-profit drop for its fourth quarter amid a shortage of parts.
The company’s shares were recently 7.0% lower at 19,260 yen after falling as much as 8.7% earlier.
Fanuc said Tuesday after market close that its net profit fell 5.6% from a year earlier to Y36.5 billion ($286.9 million) for the quarter ended March. That missed the Y43.09 billion expected by analysts in a FactSet poll.
Fourth-quarter revenue rose 9.5% from a year earlier to Y192.8 billion while operating-profit margin deteriorated to 22.5% from 26.8% a year earlier.
The company said demand for factory automation and industrial robots is likely to remain strong going forward, though it expects higher costs of parts, raw materials and logistics in the new fiscal year started in April.
Fanuc expects revenue to rise 13% to Y825.50 billion this fiscal year, and net profit to increase 7.0% to Y166.20 billion.
The Topix subindex for electronics makers as recently was 2.1% lower while the Nikkei Stock Average was down 1.7%.
Write to Kosaku Narioka at [email protected]
Credit: www.marketwatch.com /