Sharp Marks Down Full-Year Forecast

Sharp cut its full-year outlook, citing U.S.-China trade frictions and weaker demand from a major unnamed client.

Sharp, an Apple Inc supplier, said it now expects an operating profit of 107 billion yen (USD 979.1 million) for the full year through March, less than its previous forecast of 112 billion yen.

The company also cut its annual sales forecast to 2.50 trillion yen from 2.69 trillion yen expected earlier.

Sharp did not name Apple but said a major customer had adjusted inventory. It also cited trade friction between the United States and China.

Sharp last year had raised its full-year outlook amid a turnaround under the ownership of Taiwanese contract manufacturer Foxconn, formally known as Hon Hai Precision Industry Co Ltd.

Other Japanese manufacturers such as precision motor maker Nidec Corp have given similar warnings. Camera and printer maker Canon Inc said on Wednesday it expected a 5.2 percent fall in annual operating profit. ―Reuters

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