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Sony Group Corporation (SONY - Free Report) reported first-quarter fiscal 2024 net income per share (on a GAAP basis) of ¥189.43 ($1.22) per share, increasing from ¥175.67 reported in the year-ago quarter. Adjusted net income came in at ¥231.6 billion compared with ¥217.5 billion in the prior-year quarter.
Quarterly total revenues grew 2% year over year to ¥3,011.6 billion ($19.3 billion). The upside resulted from healthy growth across G&NS, Music, Pictures, ET&S and I&SS segments, offset by a contraction in the financial services revenues.
Sony Corporation Price, Consensus and EPS Surprise
In the quarter under review, G&NS sales were up 12% year over year to ¥864.9 billion. Segmental sales increased on the back of positive impacts of the forex movement, higher sales from network services, notably PlayStation Plus and rising sales of non-first-party titles amid a fall in hardware sales. Operating income rose to ¥65.2 billion from ¥49.2 billion in the prior-year quarter.
Music sales improved 23% year over year to ¥442 billion in the fiscal first quarter on the back of higher revenues from streaming services, primarily from paid subscriptions, in recorded music and music publishing. Operating income was ¥85.9 billion, up from ¥73.4 billion in the prior-year quarter.
Pictures sales increased 5% year over year to ¥337.3 billion, driven by higher sales for Crunchyroll owing to paid subscriber growth amid a decline in theatrical releases and series deliveries in Television Productions. Operating income was ¥11.3 billion compared with ¥16 billion a year ago.
ET&S sales totaled ¥600.9 billion, up 5% year over year. The top line increased on the back of positive impacts of the forex movement amid weak television sales. Operating income was ¥64.1 billion compared with ¥55.6 billion in the year-ago quarter.
I&SS sales rose 21% year over year to ¥353.5 billion, owing to an increase in sales of image sensors for mobile products and digital cameras. Operating income was ¥36.6 billion compared with ¥12.7 billion in the year-ago quarter owing to favorable forex impact.
Financial Services sales were ¥448.6 billion compared with ¥681.4 billion a year ago. The downtick was caused by a considerable revenue decrease at Sony Life. Also, there was a deterioration in net gains and losses on investments related to market fluctuations for separate accounts. Operating income came in at ¥30 billion compared with ¥54.5 billion in the year-ago quarter.
All Other sales were up 8.2% to ¥21.1 billion in the fiscal first quarter. Operating income was ¥1.3 billion compared with ¥2.5 billion in the year-ago quarter.
Other Details
For the quarter under review, total costs and expenses were ¥2,734.2 billion, up 0.7% year over year. Operating income was ¥279.1 billion, up 10.3%.
Cash Flow & Liquidity
For the fiscal first quarter, Sony used ¥126.3 billion of cash from operating activities compared with ¥12.7 billion in the prior-year quarter.
As of Jun 30, 2024, the company had ¥1,477 billion in cash and cash equivalents with ¥2,135 billion of long-term debt.
Fiscal 2024 Outlook
Sony has updated its outlook for the fiscal year ending Mar 31, 2025. It now expects sales of ¥12,610 billion, raised from previous guidance of ¥12,310 billion. The top-line performance is likely to be driven by strengthening momentum in the G&NS, Music and ET&S segments.
Net income is now estimated to be ¥980 billion, revised up from the prior outlook of ¥925 billion.. Operating income is now expected to be ¥1,310 billion, up from the previous view of ¥1,275 billion.
BlackBerry’s (BB - Free Report) first-quarter fiscal 2025 adjusted loss per share of 3 cents was narrower than the company’s estimate of a loss of 4-6 cents. In the year-ago quarter, it reported non-GAAP earnings of 6 cents per share. The Zacks Consensus Estimate was pegged at a loss of 4 cents per share.
Shares of BB have lost 53% in the past year.
Badger Meter, Inc (BMI - Free Report) reported earnings per share (EPS) of $1.12 for second-quarter 2024, beating the Zacks Consensus Estimate by 14.3%. Also, the bottom line compared favorably with the year-ago quarter’s EPS of 76 cents.
Shares of BMI have gained 18.2% in the past year.
SAP SE (SAP - Free Report) reported second-quarter 2024 non-IFRS earnings of €1.10 ($1.18) per share, climbing 59% from the year-ago quarter’s levels. The Zacks Consensus Estimate was pegged at $1.01.
In the past year, shares of SAP have gained 50.8%.
Note: ¥1 = $0.00641412 (period average from Apr 1, 2024, to Jun 30, 2024)
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SONY's Q1 Earnings & Revenues Rise Y/Y on Solid Demand Trends
Sony Group Corporation (SONY - Free Report) reported first-quarter fiscal 2024 net income per share (on a GAAP basis) of ¥189.43 ($1.22) per share, increasing from ¥175.67 reported in the year-ago quarter. Adjusted net income came in at ¥231.6 billion compared with ¥217.5 billion in the prior-year quarter.
Quarterly total revenues grew 2% year over year to ¥3,011.6 billion ($19.3 billion). The upside resulted from healthy growth across G&NS, Music, Pictures, ET&S and I&SS segments, offset by a contraction in the financial services revenues.
Sony Corporation Price, Consensus and EPS Surprise
Sony Corporation price-consensus-eps-surprise-chart | Sony Corporation Quote
Segmental Results
In the quarter under review, G&NS sales were up 12% year over year to ¥864.9 billion. Segmental sales increased on the back of positive impacts of the forex movement, higher sales from network services, notably PlayStation Plus and rising sales of non-first-party titles amid a fall in hardware sales. Operating income rose to ¥65.2 billion from ¥49.2 billion in the prior-year quarter.
Music sales improved 23% year over year to ¥442 billion in the fiscal first quarter on the back of higher revenues from streaming services, primarily from paid subscriptions, in recorded music and music publishing. Operating income was ¥85.9 billion, up from ¥73.4 billion in the prior-year quarter.
Pictures sales increased 5% year over year to ¥337.3 billion, driven by higher sales for Crunchyroll owing to paid subscriber growth amid a decline in theatrical releases and series deliveries in Television Productions. Operating income was ¥11.3 billion compared with ¥16 billion a year ago.
ET&S sales totaled ¥600.9 billion, up 5% year over year. The top line increased on the back of positive impacts of the forex movement amid weak television sales. Operating income was ¥64.1 billion compared with ¥55.6 billion in the year-ago quarter.
I&SS sales rose 21% year over year to ¥353.5 billion, owing to an increase in sales of image sensors for mobile products and digital cameras. Operating income was ¥36.6 billion compared with ¥12.7 billion in the year-ago quarter owing to favorable forex impact.
Financial Services sales were ¥448.6 billion compared with ¥681.4 billion a year ago. The downtick was caused by a considerable revenue decrease at Sony Life. Also, there was a deterioration in net gains and losses on investments related to market fluctuations for separate accounts. Operating income came in at ¥30 billion compared with ¥54.5 billion in the year-ago quarter.
All Other sales were up 8.2% to ¥21.1 billion in the fiscal first quarter. Operating income was ¥1.3 billion compared with ¥2.5 billion in the year-ago quarter.
Other Details
For the quarter under review, total costs and expenses were ¥2,734.2 billion, up 0.7% year over year. Operating income was ¥279.1 billion, up 10.3%.
Cash Flow & Liquidity
For the fiscal first quarter, Sony used ¥126.3 billion of cash from operating activities compared with ¥12.7 billion in the prior-year quarter.
As of Jun 30, 2024, the company had ¥1,477 billion in cash and cash equivalents with ¥2,135 billion of long-term debt.
Fiscal 2024 Outlook
Sony has updated its outlook for the fiscal year ending Mar 31, 2025. It now expects sales of ¥12,610 billion, raised from previous guidance of ¥12,310 billion. The top-line performance is likely to be driven by strengthening momentum in the G&NS, Music and ET&S segments.
Net income is now estimated to be ¥980 billion, revised up from the prior outlook of ¥925 billion.. Operating income is now expected to be ¥1,310 billion, up from the previous view of ¥1,275 billion.
Zacks Rank
Sony currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Companies
BlackBerry’s (BB - Free Report) first-quarter fiscal 2025 adjusted loss per share of 3 cents was narrower than the company’s estimate of a loss of 4-6 cents. In the year-ago quarter, it reported non-GAAP earnings of 6 cents per share. The Zacks Consensus Estimate was pegged at a loss of 4 cents per share.
Shares of BB have lost 53% in the past year.
Badger Meter, Inc (BMI - Free Report) reported earnings per share (EPS) of $1.12 for second-quarter 2024, beating the Zacks Consensus Estimate by 14.3%. Also, the bottom line compared favorably with the year-ago quarter’s EPS of 76 cents.
Shares of BMI have gained 18.2% in the past year.
SAP SE (SAP - Free Report) reported second-quarter 2024 non-IFRS earnings of €1.10 ($1.18) per share, climbing 59% from the year-ago quarter’s levels. The Zacks Consensus Estimate was pegged at $1.01.
In the past year, shares of SAP have gained 50.8%.
Note: ¥1 = $0.00641412 (period average from Apr 1, 2024, to Jun 30, 2024)