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Japan's Fanuc cuts outlook again, cites trade friction

Japan's Fanuc cuts outlook again, cites trade friction
A logo of Fanuc Corp is seen at the 28th Japan International Machine Tool Fair in Tokyo, Japan, November 17, 2016. REUTERS/Toru Hanai   -   Copyright  Toru Hanai(Reuters)
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TOKYO (Reuters) – Japanese robot maker Fanuc Corp on Thursday lowered its annual earnings outlook for the second time in just three months, the latest tech manufacturer to issue a profit warning due to China-U.S. trade frictions.

Fanuc now expects an operating profit of 147.9 billion yen ($1.36 billion) for the year ending March, versus a previous forecast of 150.9 billion yen.

Demand for factory automation equipment plunged in China and Taiwan due to the trade frictions between the United States and China, the company said.

Fanuc’s weaker outlook follows profit warnings from other automation equipment makers, such as robot maker Yaskawa Electric Corp and precision motor maker Nidec Corp.

(Reporting by Makiko Yamazaki; Editing by Himani Sarkar)

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