Minebea seen with record profit in fiscal 2013
TOKYO -- Minebea Co.'s group net profit apparently rose 11-fold to more than 20 billion yen ($193 million) last fiscal year, marking its first record in six years.
The Japanese precision equipment manufacturer had forecast 19 billion yen in black ink.
Sales likely also beat the guidance, which pointed to a 31% increase to 370 billion yen. Operating profit apparently more than tripled to over 32 billion yen, exceeding the forecast by around 2 billion yen.
Sales of ball bearings for cars and other applications were brisk. Minebea also enjoyed sales growth in LED backlights, expanding its lineup in response to the spread of high-end smartphones worldwide. Stronger sales of hard-drive components and stepping motors for printers and testing equipment also contributed to the profit increase.