[October 30, 2017] |
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KYOCERA Announces Consolidated Financial Results for Six Months Ended September 30, 2017
Kyocera
Corporation (NYSE:KYO)(TOKYO:6971) today announced consolidated
financial results for the first half of fiscal year 2018 ("first half,"
covering the six months ended Sept. 30, 2017), as summarized below.
Details are available at: https://global.kyocera.com/ir/financial/f_results.html
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Consolidated Financial Highlights: First Half
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Unit: Millions (except percentages and per-share amounts)
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Six Months Ended September 30,
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2016 (FY17-H1) in JPY
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2017 (FY18-H1) in JPY
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Increase
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2017 (FY18-H1) in USD
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2017 (FY18-H1) in EUR
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Amount in JPY
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%
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Net sales:
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653,243
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738,345
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85,102
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13.0
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6,534
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5,551
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Profit from operations:
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33,785
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69,505
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35,720
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105.7
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615
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523
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Income before income taxes:
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48,578
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87,840
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39,262
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80.8
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777
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660
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Net income attributable to Kyocera (News - Alert) Corporation's shareholders:
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36,153
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61,387
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25,234
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69.8
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543
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462
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Diluted earnings per share attributable to Kyocera Corporation's
shareholders:
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98.47
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166.94
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-
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-
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1.48
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1.26
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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 = JPY113 and EUR1 = JPY133, rounded to the nearest
unit (as of September 29, 2017)
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Summary Robust market conditions for information and
telecommunications equipment, automobiles, and industrial machinery
fueled a significant increase in first-half revenue from industrial
components, automotive components and electronic devices. Revenue from
document solutions business expanded as well, following new product
launches and related sales promotion activities. As a result, the
company achieved record first-half sales of JPY738,345 (USD6,534)
million, an increase of JPY85,102 (USD753) million, or 13.0%, over the
same period of the prior year.
Profit increased significantly in the components business and equipment
& systems business due mainly to corporate restructuring implemented
during the prior year, as well as to stronger sales and cost reduction
efforts. Profit from operations increased 105.7%, to JPY69,505 (USD615)
million; income before income taxes increased 80.8%, to JPY87,840
(USD777) million; and net income attributable to shareholders of Kyocera
Corporation increased 69.8%, to JPY61,387 (USD543) million.
Average exchange rates for the first half reflect the Japanese yen
weakening against the U.S. dollar by approximately 5.7%, to JPY111, and
by 6.8% against the euro, to JPY126, as compared with the same period of
the prior year. As a result, net sales and income before income taxes
were pushed up by approximately JPY24 billion and JPY7 billion,
respectively, as compared with the prior first half.
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Consolidated Financial Highlights: Second Quarter
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Unit: Millions (except percentages)
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Three Months Ended September 30, 2017
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2016 (FY17-Q2) in JPY
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2017 (FY18-Q2) in JPY
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Increase
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2017 (FY18-Q2) in USD
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2017 (FY18-Q2) in EUR
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Amount in JPY
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%
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Net sales:
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333,258
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393,183
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59,925
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18.0
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3,479
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2,956
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Profit from operations:
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21,515
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38,338
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16,823
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78.2
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339
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288
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Income before income taxes:
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23,780
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38,580
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14,800
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62.2
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341
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290
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Net income attributable to Kyocera Corporation's shareholders:
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18,700
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26,406
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7,706
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41.2
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234
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199
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(See note above regarding exchange rates.)
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Expectations for the Full Fiscal Year The consolidated
financial forecasts that Kyocera announced on May 1, 2017 for the year
ending March 31, 2018 have been revised upward for the following reasons:
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First-half sales and profit grew beyond original projections due
primarily to a favorable business environment in major components
markets.
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Overall demand for parts used in industrial machinery and
automotive-related components is expected to rise in the second half.
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The Japanese yen is expected to remain valued lower than originally
forecast in relation to other major currencies during the second half.
"Because demand for components is expected to remain strong in the
second half, Kyocera will raise production capacity in Japan, North
America and Asia for fine ceramic components, industrial tools and
electronic devices," stated Kyocera Corporation President Hideo
Tanimoto. "We aim to further expand sales through business investments,
acquiring the power tools business of Ryobi Limited, as well as the
automotive sensor business from TT Electronics plc, which was acquired
this month by AVX (News - Alert) Corporation, a U.S.-based Kyocera subsidiary. We
expect record sales for the full fiscal year."
The average exchange rates that Kyocera projected in its May 1 forecast
have been revised for the second half, from JPY108 to JPY110 against the
U.S. dollar; and from JPY115 to JPY130 against the euro. As a result,
Kyocera's forecast of average exchange rates for the year ending March
31, 2018 have been revised to JPY111 to the U.S. dollar, and JPY128 to
the euro.
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Consolidated Forecast: Year Ending March 31, 2018
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Unit: Yen in millions (except percentages, per-share amounts and
exchange rates)
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Fiscal 2017 Results
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Fiscal 2018 Forecast Announced on May 1
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Fiscal 2018 Forecast Announced on October 30
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Increase (%) to Fiscal 2017 Results
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Net sales:
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1,422,754
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1,500,000
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1,560,000
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9.6
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Profit from operations:
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104,542
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120,000
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135,000
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29.1
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Income before income taxes:
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137,849
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150,000
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170,000
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23.3
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Net income attributable to Kyocera Corporation's shareholders:
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103,843
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105,000
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119,000
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14.6
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Diluted earnings per share attributable to Kyocera Corporation's
shareholders:
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282.62
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285.55
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323.62
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*
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-
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Average USD exchange rate:
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108
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108
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111
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-
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Average EUR exchange rate:
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119
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115
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128
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-
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*Forecast of "Diluted earnings per share attributable to Kyocera
Corporation's shareholders" is based on the diluted average number
of shares outstanding during the six months ended September 30, 2017.
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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 industrial and
automotive components, semiconductor packages, electronic devices,
printers, copiers, mobile phones and solar power generating systems.
During the year ended March 31, 2017, the company's consolidated net
sales totaled 1.42 trillion yen (approx. USD12.7 billion). Kyocera
appears on the "Top 100 Global Innovators" list by Clarivate Analytics
and is ranked #522 on Forbes magazine's 2017 "Global 2000" list of the
world's largest publicly traded companies.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171029005090/en/
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