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Taiwan Sanyo Electric profit misses consensus by 33.6% in Q3

Taiwan Sanyo Electric Co. Ltd. said its third-quarter normalized net income came to 23 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS fell year over year from 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$60.3 million, a decrease from NT$62.2 million in the year-earlier period.

The normalized profit margin increased to 4.3% from 3.5% in the year-earlier period.

Total revenue declined 20.5% on an annual basis to NT$1.39 billion from NT$1.75 billion, and total operating expenses fell 20.4% from the prior-year period to NT$1.30 billion from NT$1.64 billion.

Reported net income rose year over year to NT$83.0 million, or 32 cents per share, from NT$80.4 million, or 31 cents per share.

As of Nov. 12, US$1 was equivalent to NT$32.73.