Sony Boosts Profit Forecast by $430 Million

Sony Corporation has revised its consolidated results forecast for the fiscal year ended March 31, 2017, increasing it by 47 billion yen ($430 million).

Sony is expecting net profits of 73 billion yen ($668 million) and operating profits of 285 billion yen ($2.6 billion). That is nearly triple its previous net estimate, up $430 million, and an 18.8 percent lift in operating profits.

The upward revision is due to expected improvement, compared with the February forecast, in all segments other than the components segment. The primary reasons for the improved outlook in the segments that are expected to improve are anticipated decreases in amortization of deferred insurance acquisition costs and other costs in the financial services segment and lower costs than anticipated in February in the other segments.