Fanuc Falls Most in Month After Missing Forecast: Tokyo Mover
Fanuc Corp. (6954), the world’s largest maker of controls that run machine tools, fell the most in a month in Tokyo trading after reporting first-half profit that missed its forecast.
The robot-maker dropped 3.1 percent, the most since Sept. 25, to 12,570 yen as of the close. The Nikkei 225 Stock Average declined 1.4 percent. Fanuc said yesterday that net income fell 9.8 percent from a year earlier to 67 billion yen ($836 million) in the six months ended Sept. 30.
Profit trailed Yamanashi, Japan-based company’s 75 billion yen forecast as slower demand for goods in Europe dented production and deterred manufacturers from investing in new equipment. Fanuc also said full-year profit may drop 2 percent to 136 billion yen.
“There is a risk the company will miss its new full-year target,” Credit Suisse Group AG analysts Shinji Kuroda and Yunchao Zhao wrote in a note today. “Our impression is negative.”
Fanuc, which gets about half of sales in Asia excluding Japan, said first-half revenue fell 1.1 percent and full-year sales may drop 1.4 percent to 531 billion yen.
Chinese manufacturing contracted for a 12th straight month in September, based on the preliminary reading for a purchasing managers’ index compiled by HSBC Holdings Plc and Markit Economics.
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