Shares in Olympus (TYO:7733) slid as much as -6.9% today before closing down -4.6% at roughly $33.67 (¥4,010.00), after the Japanese tech conglomerate said it expects lower sales and profits during its fiscal year ending next March.
Olympus said it expects sales to be off by -0.6% at about $7.46 billion (¥800 billion) for fiscal 2017. Operating profits could slide as much as -14% to $756 million (¥90 billion) due to the strong yen, the company said.
Earlier this week, Olympus said it swung to black for the 3 months and full year ended March 31, 2016. Profits were $165.8 million (¥19.74 billion) on sales of $1.78 billion (¥212.04 billion) for the fiscal 4th quarter, marking a -1.2% top-line slip and compared with Q4 2015 losses of -$341.5 million (-¥40.66 billion).
Full-year profits were $525.6 million (¥62.59 billion), or $1.54 per share (¥182.90), on sales of $6.76 billion (¥764.67 billion), for a 5.2% sales gain and compared with 2015 losses of -$73.4 million (-¥8.74 billion).
Sales and profits both grew for the Olympus medical business, which reported fiscal Q4 operating profits of $607.5 million (¥72.34 billion) on sales of $5.11 billion (¥608.93 billion) for bottom-line growth of 12.3% on sales growth of 9.1%.
($1 = ¥119.09)