NTN Reports First Quarter 2003 Results

NTN Corporation (Japan) reported first quarter fiscal 2003 sales and earnings, for the period ended June 30, 2003. Sales were ¥87.71 billion (USD $737 million) in the quarter, with operating profit of ¥5.81 billion ($49 million). Net profit hit ¥3.17 billion ($27 million). At the same time, NTN raised its six-month and full-year forecasts, now projecting profits for the first six months to September 30, 2003 will be almost double what the company earned in 2002. Previously, NTN had projected six-month sales of ¥170 billion; now the company projects sales will be ¥175 billion, up sharply from 2002's sales of ¥167 billion. Profits are also expected to jump; previously projected at ¥7 billion, the forecasts has been raised to ¥9 billion. Again, the forecast represents a major step from 2002's ¥4.78 billion. For the full fiscal year 2003, ending March 31, 2004, NTN has moved from projecting a slight sales increase to ¥348 billion from 2002's ¥343 billion. Now the company says it expects sales will jump to more than ¥356 billion. Full year profits are now forecast to be ¥12 billion, from ¥2.76 billion earned in 2003.