Toshiba delays earnings reports until March over audit woes

IndustriesAssociated Press

Japanese electronics and energy giant Toshiba Corp. says it is unable to report its financial results on schedule. It is delaying the report, which was due Tuesday, until March 14.

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The company said auditors had questioned its reporting on the acquisition of CB&I Stone & Webster by Toshiba's U.S. nuclear unit Westinghouse.

Toshiba denies any wrongdoing. The company expects a big write-down for the value of the acquisition.

Toshiba is grappling with a scandal over company officials' doctoring of accounting books after it set unrealistic profit targets.

The company is expected to restructure its ailing nuclear business, but nothing has been announced. Japan's nuclear sector was thrown into crisis after multiple meltdowns of reactors at a power plant in Fukushima prefecture triggered by the March 2011 earthquake and tsunami.