Japan-based automation control and measurement technology provider Yokogawa Electric Corp. today joined competitors, including Rockwell Automation and Mitsubishi Electric, in posting disappointing results in its most recent quarter.
In its third fiscal quarter of 2008, ended Dec. 31, Yokogawa’s automation and control segment, which comprises the bulk of its business, saw sales drop 5% to ¥61.9 billion, compared with ¥65.2 billion in the same period the prior year.
Sales for the company — which, in addition to the automation and control unit, includes a test and measurement segment and a “new and other business” category comprising optical communication and other devices — fell 16% in the period to ¥76.1 billion, compared with ¥88.2 billion last year. Total orders were ¥82.5 billion in the quarter, down from ¥110.5 billion last year.
Yokogawa attributed the decline in both orders and sales to a retraction of capital investments due to the adverse economic environment, and also to an appreciation in the value of the yen.