Earning Alert - Sony (SNE) swings to net profit - 8/1/13

• Sony (SNE): FQ1 net profit ¥3.48B ($35.38M) vs loss of ¥24.64B a year earlier and forecasts of ¥4B.
• Sales +13% to ¥1.71T vs consensus of ¥1.64T.
• Operating profit jumps nearly six-fold to ¥36.35B vs ¥25.25B.
• Maintains FY forecast for a net profit of ¥50B and an operating profit of ¥230B, but raises its sales projection by 5% to Y7.9T.
• Earnings lifted by weak yen and the increase in Japan's stock market, which has helped boost the returns of Sony's financial division.
• The board said it is still discussing Third Point's proposal to spin off Sony's entertainment business to raise cash to turn the electronics business around. The remarks contradict a report that Sony has ruled out Dan Loeb's plan

  

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