Sanyo Earnings Unable to Hold a Charge
by John Paczkowski
Posted on March 24, 2009 at 6:05 AM PT
More ugly news from the Japanese electronics industry today. Sanyo Electric, the world’s largest producer of rechargeable batteries, this morning slashed its earnings forecast for the second time in as many months. The company, which is set to be acquired by rival Panasonic (PC), had expected to break even for the year ending this month. But the econalypse forced it to adjust even that tame forecast. Sanyo now expects to post a net loss of $920 million for the year. “We were hit by a sharp decline in earnings at our rechargeable-battery, chips and electronic-component businesses in the fourth quarter,” Sanyo VP Koichi Maeda, explained. “We expect the tough business environment to remain through the first half of the next fiscal year.”
