Horiba Ltd. has today released their financial results for Q1 2016, the period ending March 31st. Group sales for the quarter were ¥41,270 million compared with ¥43,049 million in the same period last year, a decline of 4.1%. Net income was down by 22% compared with the same period last year to ¥3,181 million.
The company has not yet provided any commentary on the results, but it seems not the start the company had hoped for given that they had forecast sales growth of 1.78% for the year.
Horiba operates several business units serving diverse markets. The ‘automotive’ side of the business is the largest accounting for 36% of revenues and in Q1 was the only part of the business reporting sales growth. The business unit described as ‘scientific’ contributed to the overall decline having reported a decrease in sales of 6.7% compared with the previous year at ¥6,519 million or 15.8% of group sales.