Toshiba Tec Lowers Full-Year Forecast Due to Supplies and Logistics Challenges
Toshiba Tec of Tokyo, Japan, announced today that it’s lowered its forecast for its fiscal year that ended on March 31, 2022, citing component shortages and logistics challenges.
The firm did maintain its net-revenue forecast of ¥445 billion ($3.4 billion). However, it lowered its operating profit forecast to ¥11.5 billion ($89.8 million), versus its previous forecast of ¥15 billion ($117.2 million). It also lowered its net profit forecast to ¥5.5 billion ($42.9 million), versus its previous forecast of ¥8 billion ($62.5 million). It maintained its earnings per share forecast of ¥99.83 ($0.78).
Toshiba Tec attributed its forecast declines due to problems associated with the semiconductor shortage, soaring component prices, international cargo constraints, increased shipping costs, and delays in product shipments due to pandemic lockdowns in some areas of China. Additionally, it expects net profit to decline due to its plan to reverse some deferred tax assets.
For its Workplace Solutions business, it slightly lowered its net sales forecast 0.5 percent to ¥182 billion ($1.4 billion), and lowered its operating profit forecast 60 percent to ¥1 billion ($7.8 million).
For its Retail Solutions business, Toshiba Tec maintained its forecast of ¥267 billion ($2.0 billion). But it lowered its operating profit forecast 60 percent to ¥1 billion ($7.8 million), and lowered its operating profit forecast 16 percent to ¥10.5 billion ($82.0 million).
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