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    6502   JP3592200004

TOSHIBA CORPORATION

(6502)
  Report
Delayed Japan Exchange  -  01:54 2022-09-26 am EDT
5200.00 JPY   +0.06%
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Toshiba logs surprise quarterly operating loss on higher materials costs

08/10/2022 | 02:28am EDT
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki

TOKYO (Reuters) - Toshiba Corp on Wednesday posted an unexpected operating loss in the April-June first quarter as it grappled with a global chip shortage and a sharp rise in costs for raw materials.

The loss of 4.8 billion yen ($35.6 million), its first quarterly loss in two years, compares with a profit of 14.5 billion yen a year earlier and a consensus estimate of a 19.4 billion yen profit from four analysts polled by Refinitiv.

Higher material and logistics costs pushed down its operating earnings by 9.4 billion yen, while a chip shortage had a negative impact of about 3 billion yen, the company said.

But the scandal-laden Japanese industrial conglomerate, which is exploring going private and other options, maintained its profit forecast for the year ending March at 170 billion yen, up 7% from the previous year.

Bain Capital, CVC Capital Partners and Brookfield Asset Management as well as a consortium involving state-backed Japan Investment Corp and private equity firm Japan Industrial Partners have been selected by Toshiba to proceed to a second bidding round.

A buyout of Toshiba could value the firm at as much as $22 billion, sources have previously told Reuters.

Tensions between Toshiba and its activist investors culminated last year when a shareholder-commissioned investigation concluded management had colluded with Japan's trade ministry - which sees the company's nuclear and defence technology as a strategic asset - to block overseas investors from gaining influence at its 2020 shareholder meeting.

This year, shareholders rejected management-backed plans to split the company in two, prompting Toshiba to restart a strategic review.

($1 = 134.98 yen)

(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)


© Reuters 2022
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Analyst Recommendations on TOSHIBA CORPORATION
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Financials
Sales 2023 3 323 B 23 206 M 23 206 M
Net income 2023 189 B 1 321 M 1 321 M
Net Debt 2023 203 B 1 418 M 1 418 M
P/E ratio 2023 12,4x
Yield 2023 5,65%
Capitalization 2 248 B 15 700 M 15 700 M
EV / Sales 2023 0,74x
EV / Sales 2024 0,72x
Nbr of Employees 116 224
Free-Float 95,2%
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Mean consensus HOLD
Number of Analysts 8
Last Close Price 5 197,00 JPY
Average target price 5 091,25 JPY
Spread / Average Target -2,03%
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Managers and Directors
Taro Shimada Senior Managing Executive Officer
Masayoshi Hirata CFO, Head-Accounting & Finance Management
Keiichi Yumita Head-Information Systems
Yutaka Sata Head-Technology Planning, R&D Center
Hideaki Ito Head-Technology Planning, R&D Center
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