KYOCERA Announces Consolidated Financial Results for the Nine Months Ended Dec. 31, 2014

KYOTO, Japan--()--Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its third-quarter financial results for the fiscal year ending March 31, 2015. The results are summarized below, both as an aggregation of Kyocera’s first three fiscal quarters (“the period,” i.e., the nine months ended Dec. 31, 2014), and as the third quarter alone (“the quarter,” i.e., the three months ended Dec. 31, 2014). Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Consolidated Financial Highlights: Nine Months Ended December 31, 2014

Unit: Millions (except percentages and per-share amounts)

    Nine Months Ended December 31,
2013

(FY14)

in JPY

  2014

(FY15)

in JPY

 

Increase
(Decrease)

  2014 (FY15)

in USD

  2014 (FY15)

in EUR

Amount

in JPY

  %
Net sales: 1,071,388 1,101,692 30,304 2.8 9,105 7,495
Profit from operations: 89,696 90,222 526 0.6 746 614
Income before income taxes: 110,344 114,667 4,323 3.9 948 780
Net income attributable to shareholders of Kyocera Corporation: 69,364 73,971 4,607 6.6 611 503
Diluted earnings per share attributable to shareholders of Kyocera Corporation*1:   189.07   201.63   -   -   1.67   1.37

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at the rates of USD1 = JPY121 and EUR1 = JPY147, rounded to the nearest unit.

 

Summary of Nine-Month Consolidated Financial Results

With regard to the principal markets served by Kyocera Corporation and its consolidated subsidiaries (the “Kyocera Group” or “Kyocera”), smartphone shipments increased in the digital consumer equipment sector, bringing demand not only for handsets, but also for the components they require; additionally, demand for automotive electronics grew as vehicle sales expanded, particularly in China and the United States. On the other hand, Japan’s solar energy sector struggled amid the end of subsidies for new residential solar power systems and the suspension of utility-grid access applications.

Kyocera recorded its highest nine-month (Q1-Q3) consolidated revenue to date, led by increased sales in the Information Equipment Group, the Semiconductor Parts Group, and the Fine Ceramic Parts Group. Consolidated revenue for the third quarter (Q3) stood at a record high as well. Profit in the Applied Ceramic Products Group and the Telecommunications Equipment Group decreased during this nine-month period in comparison with the same period of the prior year, while profit in the Information Equipment Group, the Fine Ceramic Parts Group and the Electronic Device Group increased through sales growth and cost reductions.

In summary, consolidated net sales for the period increased 2.8%, to JPY1,101,692 (USD9,105) million, as compared with the previous period; profit from operations increased 0.6%, to JPY90,222 (USD746) million; income before income taxes increased 3.9%, to JPY114,667 (USD948) million; and net income attributable to shareholders of Kyocera Corporation increased 6.6%, to JPY73,971 (USD611) million.

 

Consolidated Financial Highlights: Third Quarter Ended Dec. 31, 2014

Unit: Millions (except percentages)

 

  Three Months Ended December 31,
2013

(FY14-Q3)

in JPY

  2014

(FY15-Q3)

in JPY

 

Increase
(Decrease)

  2014 (FY15-Q3)

in USD

  2014 (FY15-Q3)

in EUR

Amount

in JPY

  %
Net sales: 371,725 387,363 15,638 4.2 3,201 2,635
Profit from operations: 31,493 35,471 3,978 12.6 293 241
Income before income taxes: 41,291 46,549 5,258 12.7 385 317
Net income attributable to shareholders of Kyocera Corporation:   26,434   30,322   3,888   14.7   251   206

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at the rates of USD1 = JPY121 and EUR1 = JPY147, rounded to the nearest unit.

 

Consolidated Forecast: Year Ending March 31, 2015

For the three months ending March 31, 2015 ("the fourth quarter"), Kyocera forecasts continued strong demand for components in the industrial machinery and automotive-related markets. In addition, Kyocera expects sales in its equipment business to grow through efforts to cultivate new markets and aggressively launch new products, including mobile phone handsets and multifunctional document equipment. Conversely, sales in the solar energy-related business are projected to fall below forecasts made in October 2014, due primarily to stagnating demand as Japanese utility companies suspended grid-access applications, mainly for utility-scale solar projects.

In view of these circumstances and economic trends, Kyocera has revised its fiscal year 2015 forecasts of sales and average exchange rates from those announced in October 2014, as follows.

 

Consolidated Forecasts: Year Ending March 31, 2015

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)

 

 

 

  Fiscal 2015 Forecasts Announced on  

Increase (Decrease)

(%) to Fiscal 2014 Results

Fiscal 2014 Results October 30, 2014   January 29, 2015
Net sales: 1,447,369 1,580,000   1,530,000 5.7
Profit from operations: 120,582 135,000 135,000 12.0
Income before income taxes: 146,268 158,000 158,000 8.0
Net income attributable to shareholders of Kyocera Corporation: 88,756 97,000 97,000 9.3

Diluted earnings per share attributable to shareholders of Kyocera Corporation*1*2:

241.93 264.40 264.40 -
Average USD exchange rate: 100 104 109 -
Average EUR exchange rate: 134 137   138 -
 

*1 A “two-for-one” split of all Kyocera Corporation common shares was implemented on October 1, 2013. To allow comparison, “Diluted earnings per share attributable to shareholders of Kyocera Corporation” is computed as though this stock split had taken effect on April 1, 2013.
*2 Forecast of “Diluted earnings per share attributable to shareholders of Kyocera Corporation” is based on the diluted average number of shares outstanding during the nine months ended December 31, 2014.

FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company’s filings with the U.S. Securities and Exchange Commission.

About KYOCERA

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, mobile phones, printers, copiers, electronic components, semiconductor packages, cutting tools and industrial ceramics. Kyocera appears on the latest listing of the “Top 100 Global Innovators” by Thomson Reuters, and is ranked #531 on Forbes magazine’s current “Global 2000” listing of the world’s largest publicly traded companies.

Contacts

KYOCERA Corporation (Japan)
Hina Morioka, +81-(0)75-604-3416
Corporate Communications
webmaster.pressgl@kyocera.jp
Fax: +81-(0)75-604-3516

Release Summary

Kyocera announces consolidated financial results for the nine months ended Dec. 31, 2014.

Contacts

KYOCERA Corporation (Japan)
Hina Morioka, +81-(0)75-604-3416
Corporate Communications
webmaster.pressgl@kyocera.jp
Fax: +81-(0)75-604-3516