Yokogawa Electric Corp.’s third-quarter financial results reflect the continuing difficulties brought on by the global recession, despite glimmers of a recovery in the wings.
Yokogawa recorded sales of ¥68.51 billion in the quarter ended Dec. 31, 2009, down 10% from ¥78.1 billion a year earlier. A net loss of ¥3.67 billion improved upon a ¥41 billion loss in the year-ago quarter. The 2008 figure included a reversal of deferred taxes.
The Japanese automation equipment maker is hardly alone in reporting financial woes as the economy struggles to find secure footing. Last week, automation vendors Emerson Electric and Mitsubishi Electric Corp. cited a dismal business climate in reporting year-over-year revenue declines.
Yokogawa’s Industrial Automation and Control Business, the largest in the company, reported sales of ¥55.3 billion, down ¥6.68 billion from net sales in the 2008 quarter. Operating income for the segment rose ¥1.95 billion to ¥3.04 billion.