Kyoto, Japan-based Omron, whose largest segment is its industrial automation business, said healthcare sales rose 8.5% to ¥27.9 billion, or roughly $250.2 million, “stemming from favorable sales of blood pressure monitors, nebulizers and low-frequency therapy equipment.”
Overall profits slid -5.2% to ¥14.7 billion, or $131.8 million, on sales growth of 3.1% to ¥209.8 billion ($1.88 billion) compared with fiscal Q1 2017.
“In the first quarter, our core industrial automation and healthcare businesses were the main catalysts for growth. We are beginning to see the growth cycle accelerate – net sales growth and wider gross profit margins are enabling us to accrue capital to reinvest in business areas that will drive our growth in the future. Omron will remain focused on meeting our full year earnings forecasts and achieving mid-to-long term business growth by executing the action plans that we set out at the beginning of the year, while paying close attention to market developments, given growing uncertainties surrounding trade issues,” president & CEO Yoshihito Yamada said in prepared remarks.
Omron said it still expects to post profits of ¥64.5 billion ($578.5 million) on sales of ¥900.0 billion ($8.07 billion) this year.
The company’s stock closed up 0.4% at ¥5,110 apiece today in Tokyo; in New York, OMRNY shares gained 0.6% to $46.19 each as of about 10am.
($1 = ¥111.5)