KYOTO, Japan--(BUSINESS WIRE)--Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the three months ended June 30, 2022 (the “first quarter,” or “FY23-Q1”), as summarized below. Complete details are available at:
https://global.kyocera.com/ir/library/f_results.html
Consolidated Results of Operations: Three Months Ended June 30
| Unit: Millions (except percentages and per-share amounts) | ||||||
| Three Months Ended June 30, | ||||||
| 2021 (FY22-Q1) in JPY |
2022 (FY23-Q1) in JPY |
Change | 2022 (FY23-Q1) in USD |
2022 (FY23-Q1) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: | 420,712 |
491,954 |
71,242 |
16.9 |
3,591 |
3,440 |
| Operating profit: | 32,376 |
41,428 |
9,052 |
28.0 |
302 |
290 |
| Profit before income taxes: | 54,476 |
68,711 |
14,235 |
26.1 |
502 |
480 |
| Profit attributable to owners of the parent: | 40,760 |
49,974 |
9,214 |
22.6 |
365 |
349 |
| Earnings per share attributable to owners of the parent (basic): | 112.46 |
139.24 |
－ |
－ |
1.02 |
0.97 |
| Note on exchange rates: U.S. dollar (USD) and euro (EUR) conversions are provided above as a convenience to the reader, based on the rates of USD1 = JPY137 and EUR1 = JPY143, rounded to the nearest unit (as of June 30, 2022) | ||||||
Summary
The first-quarter business environment was characterized by continued COVID-19 impact, new logistical challenges involving supply-chain disruptions, and higher prices for raw materials, energy and other resources. The Japanese yen weakened sharply due to rising U.S. interest rates. Nonetheless, strong demand and capital investments continued in 5G and semiconductor-related markets, which contribute substantially to the company’s overall business.
Total first-quarter revenue increased by JPY71,242 (USD520) million, or 16.9% over the prior first quarter, to a record high of JPY491,954 (USD3,591) million. This achievement resulted in part from the company’s own increased capital investment in new manufacturing capacity, especially in components businesses, with other sales revenue gains led by the industrial tools unit.
Profit also increased compared to the prior-year period, as a result of increased sales, the favorable cost-structure impact of a depreciating Japanese yen, and efforts to improve productivity in each division. Operating profit increased by JPY9,052 (USD66) million, or 28.0%, to JPY41,428 (USD302) million; profit before income taxes increased by JPY14,235 (USD104) million, or 26.1%, to JPY68,711 (USD502) million; and profit attributable to owners of the parent increased by JPY9,214 (USD67) million, or 22.6%, to JPY49,974 (USD365) million.
Averaged exchange rates during the first quarter show the Japanese yen weakened against both the U.S. dollar (by 19.3%, to JPY130) and the euro (by 4.5%, to JPY138), compared to the prior first quarter. This had the effect of increasing sales revenue by approximately JPY44 billion (USD321 million), and increasing profit before income taxes by approximately JPY11.5 billion (USD84 million).
Consolidated Forecasts: Year Ending March 31, 2023
Although uncertainty regarding inflation, global logistics, and pandemic-related impacts will continue in the second quarter (i.e., the three months ending Sept. 30, 2022) and beyond, the company aims to achieve its full-year forecasts by responding swiftly to anticipated demand, particularly in 5G and semiconductor-related markets. With first-quarter results generally rising within the range of projections, the company’s consolidated financial forecasts for the full year ending March 31, 2023 (“fiscal 2023”) remain unchanged from those announced in April 2022.
| Unit: Yen in millions (except percentages, per-share amounts and exchange rates) | ||||||
| Fiscal 2022 Results |
Fiscal 2023 Forecast |
Change (%) from Fiscal 2022 Results |
||||
| Sales revenue: | 1,838,938 |
2,000,000 |
8.8 |
|||
| Operating profit: | 148,910 |
174,000 |
16.8 |
|||
| Profit before income taxes: | 198,947 |
220,000 |
10.6 |
|||
| Profit attributable to owners of the parent: | 148,414 |
154,000 |
3.8 |
|||
| Earnings per share attributable to owners of the parent (basic): | 411.15 |
429.09 |
* | - |
||
| Average USD exchange rate: | 112 |
115 |
- |
|||
| Average EUR exchange rate: | 131 |
125 |
- |
|||
| *Based on the average number of shares outstanding during the three months ended June 30, 2022 | ||||||
FORWARD-LOOKING STATEMENTS
Please refer to https://global.kyocera.com/ir/disclaimer.html
Kyocera Corporation (TOKYO:6971, https://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 industrial and automotive components, semiconductor packages, electronic devices, smart energy systems, printers, copiers, and mobile phones. During the year ended March 31, 2022, the company’s consolidated sales revenue totaled 1.8 trillion yen (approx. US$15.1 billion). Kyocera is ranked #665 on Forbes magazine’s 2022 “Global 2000” list of the world’s largest publicly traded companies, and has been named among “The World’s 100 Most Sustainably Managed Companies” by The Wall Street Journal.
