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Shimano lowers FY'18 outlook

Shimano Inc. on April 24 reduced its financial outlook for the fiscal year 2018 as it reported results for the first quarter ended March 31.

The cycling components maker now expects net income for the whole year to come in at ¥46 billion and basic earnings per share to be ¥496.21. This compares to a previous guidance of ¥47.20 billion in full-year net income and basic earnings of ¥509.15 per share.

Shimano said the changes reflect non-operating expenses recorded in the first quarter due to the depreciation of the U.S. dollar against major Asian currencies.

For the three-month period ended March 31, Shimano's net income grew 13.2% year over year to ¥10.79 billion. Basic EPS came in at ¥116.43, lower than the S&P Capital IQ mean consensus estimate of ¥129.45 per share.

Net sales for the first quarter also rose 6.7% to ¥85.24 billion.

As of April 23, US$1 was equivalent to ¥108.56.