Pioneer Downgrades Sales, Profit Estimates on Soft Car Aftermarket

Unexpected softness in the car electronics aftermarket and lower sales resulting from the transfer of its home AV business to Onkyo caused Pioneer to significantly downgrade sales and profit estimates for the year ended March 31, the company said in a Tuesday announcement. Pioneer expects sales for the year to finish 2.6 percent lower than it said in its Feb. 9 forecast and for net profit to be 21 percent lower than previously thought, the company said. Pioneer still expects sales to be 0.7 percent higher than in the fiscal year ended March 2014 and for net profit to rise 2,600 percent, the company said.