Sumitomo Electric Industries (OTCMKTS:SMTOY) Posts Earnings Results, Hits Expectations

Sumitomo Electric Industries (OTCMKTS:SMTOY) posted its earnings results on Friday. The company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08, Zacks reports. The firm had revenue of $9.12 billion during the quarter, compared to analysts’ expectations of $8.43 billion.

Sumitomo Electric Industries Stock Down 7.5%

SMTOY traded down $0.44 during trading on Friday, hitting $5.45. 645,784 shares of the stock were exchanged, compared to its average volume of 720,757. The firm has a market capitalization of $34.62 billion, a P/E ratio of 12.98 and a beta of 1.06. Sumitomo Electric Industries has a 1-year low of $4.50 and a 1-year high of $11.14. The stock has a fifty day moving average price of $6.78 and a two-hundred day moving average price of $39.74.

About Sumitomo Electric Industries

Sumitomo Electric Industries, Ltd. is a Japan-based diversified manufacturer that develops and supplies products used in the automotive, information and communications, electronics, energy, and industrial materials sectors. The company traces its origins to 1897, when it began manufacturing copper wire, and has expanded into a global technology and materials business.

Its automotive products include wiring harnesses, connectors, and related electrical components. In the information and communications field, Sumitomo Electric provides optical fiber, fiber-optic cables, network equipment, and other technologies used in telecommunications infrastructure.