Sony's CEO Discusses F3Q11 Results - Earnings Call Transcript

Sony Corporation (SNE)

F3Q11 Earnings Conference Call

February 2, 2012 3:30 AM ET

Executives

Masaru Kato – EVP and CFO

Howard Stringer – Chairman, CEO and President

Kazuo Hirai – Executive Deputy President and Officer in charge of the Consumer Products and Services Businesses

Analysts

Hideki Yasuda – Economic Institute

Yasuo Nakane – Deutsche Securities

Eiichi Katayama – Merrill Lynch

Nico Yura – CNBC

Yuji Fujimori – Barclays Capital

Masahiko Ishino – Mitsubishi UFJ Morgan Stanley

Kota Ezawa – Citigroup Securities

Presentation

Operator

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Good evening, ladies and gentlemen, we should like to start the earnings announcement of Sony Corp., as well as the management meeting in conjunction with the new management structure announced yesterday.

So there are two parts to this session. The initial 40 minutes, we will cover the third quarter results as well as the full-year forecast, and the Q&A. And then the latter 40 minutes, the top management press conference and the session will be over at 7:10 p.m. Simultaneous interpretation services are provided, Channel one for Japanese and Channel 2 for English.

Now first, about the earnings announcement, I’d like to introduce the members on the stage. On the right-hand side, the EVP and Corporate Executive Officer, CFO, Masaru Kato; and next to him, EVP in charge IR, Yoshinori Hashitani.

Now Mr. Kato, please.

Masaru Kato

Thank you. But first, a summary of the consolidated results for the quarter. Sales decreased significantly year-on-year due to the impact of floods in Thailand, deterioration in the market environment in developed countries, and even greater relative impact of exchange rates. The floods in Thailand were one of the major factors behind the significant decrease in sales and deterioration in operating results for the quarter.