Toshiba’s nuclear crisis is rattling investors again.
Shares in the troubled Japanese conglomerate plunged as much as 10% Tuesday after it failed to report earnings at the scheduled time. The company wasn’t able to say when the information would be made available.
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Toshiba (TOSBF) had been expected to report a massive loss tied to its takeover of a U.S. nuclear construction business.
The iconic Japanese firm warned in late December that it would lose several billion dollars from having to write down the value of the nuclear business. Unconfirmed reports in recent weeks said the hit could be north of $6 billion.
But rather than giving investors clarity on the matter, Toshiba left them hanging Tuesday. Its shares are now down 47% since news of the problems at its nuclear business first emerged.
Related: Uranium stocks are booming, thanks to Trump
The delayed earnings weren’t the only bit of unsettling news circulating Tuesday.
The Nikkei newspaper reported that Toshiba would warn that it may not be able to keep operating as “a going concern,” raising fears of bankruptcy.
Toshiba declined to comment on the report.
The company’s U.S. subsidiary Westinghouse acquired nuclear construction business CB&I Stone and Webster in late 2015.
The acquisition was supposed to help Westinghouse complete nuclear reactor projects in Georgia and South Carolina. But the U.S. projects are running way over budget and behind schedule. Toshiba later admitted it may have overestimated the value of CB&I Stone and Webster.
Related: Investors wipe $6.6 billion off Toshiba’s market value
Toshiba is one of Japan’s best known multinational corporations, tracing its history back to the late 19th century.
The company made Japan’s first light bulb and manufactured the country’s first electric washing machines and refrigerators. It now makes everything from 3D TVs to memory chips, and had turned to nuclear plant construction to try to help it recover in the wake of a massive $1.2 billion accounting scandal.
There were signs of a turnaround last year, Toshiba reported earnings of 115 billion yen ($977 million) through the first six months of 2016.
But now the company is back on shaky ground, and Toshiba admits the huge investment in the nuclear business may have been another misstep.
“We may revise the positioning of nuclear business in the future if it’s needed,” CEO Satoshi Tsunakawa said in December.
CNNMoney (Hong Kong) First published February 14, 2017: 12:57 AM ET
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