Fanuc net income falls 23%; cuts full year profit outlook

HONG KONG (MarketWatch) — Industrial robot maker Fanuc Ltd. said Tuesday its net income for the three months ended Sept. 30 fell 23% from a year earlier because of slower corporate investment in factory equipment. Fanuc said net income totaled 26.32 billion yen ($279.8 million), down from 34.17 billion yen a year earlier. Sales fell 3% to 114.96 billion yen from 118.53 billion yen. For the full fiscal year ending March 31, Fanuc cut its net income forecast to 103.3 billion yen from 119.7 billion yen. It also reduced its sales forecast to 420.4 billion yen, compared with the 463.8 billion yen in its earlier estimate.

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