Sharp Predicts First Profit in Three Years on Costs Cuts
- Second-quarter operating profit missed analyst estimates
- Sharp’s stock has doubled in value since early August
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Sharp Corp. forecast its first annual operating profit since 2014, citing efforts to cut costs and operate more efficiently after Taiwan’s Foxconn Technology Group bought control of the Japanese electronics maker in August.
Operating profit will reach 25.7 billion yen ($245 million) in the 12 months ending March 2017, the Osaka-based company said in a statement on Tuesday. That compares with a 12.9 billion yen average of 10 analysts’ estimates compiled by Bloomberg. Sharp said sales for the fiscal year would reach 2 trillion yen, compared with analyst estimates of 2.11 trillion yen.