[February 01, 2019] |
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KYOCERA Announces Consolidated Financial Results for Third Quarter, Ended Dec. 31, 2018
Kyocera
Corporation (TOKYO:6971) today announced its consolidated
third-quarter financial results for the fiscal year ending March 31,
2019. Results are summarized below, both as an aggregation of Kyocera's (News - Alert)
first three fiscal quarters (the "period," i.e., nine months), and as
the third quarter alone (the "quarter," i.e., three months) ended Dec.
31, 2018. From the start of this fiscal year, Kyocera Corporation and
its consolidated subsidiaries have adopted International Financial
Reporting Standards ("IFRS") in lieu of U.S. Generally Accepted
Accounting Principles. Financial figures for the prior fiscal year have
been reclassified below in accordance with IFRS for comparative
analysis. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html
Consolidated Financial Highlights: Nine Months Ended December 31, 2018
Unit: Millions (except percentages and per-share amounts)
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Nine Months Ended December 31,
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2017 (FY18) in JPY
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2018 (FY19) in JPY
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Change
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2018 (FY19) in USD
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2018 (FY19) in EUR
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Amount in JPY
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%
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Sales revenue:
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1,145,016
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1,214,417
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69,401
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6.1
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10,941
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9,562
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Operating profit:
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108,322
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60,576
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(47,746
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)
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(44.1
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)
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546
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477
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Profit before income taxes:
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147,262
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104,100
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(43,162
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)
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(29.3
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)
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938
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820
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Profit attributable to owners of the parent:
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93,088
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79,419
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(13,669
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)
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(14.7
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)
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715
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625
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Earnings per share attributable to owners of the parent
(basic):
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253.16
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219.17
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-
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-
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1.97
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1.73
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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 = JPY111 and EUR1 = JPY127, rounded to the nearest
unit (as of December 28, 2018)
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Summary During this period, robust demand for electronic
devices, fine ceramic parts, automotive camera modules, and
multifunctional document solutions products fueled a significant
increase in the company's sales revenue. Additionally, mergers and
acquisitions brought new revenue streams. As a result, the company
attained nine-month sales revenue of JPY1,214,417 (USD10,941) million,
an increase of JPY69,401 (USD625) million, or 6.1%, over the prior-year
period - setting a period record for the second consecutive year.
Profit decreased as compared to the prior-year period, due to the
recording of settlement expenses in the amount of JPY52,313 (USD471)
million relating to long-term purchase agreements for procurement of
polysilicon material in the solar energy business and to the recording
of impairment loss relating to machinery, equipment and goodwill in the
organic materials business in the amount of JPY16,184 (USD146) million,
which more than offset the effects of increased sales revenue and cost
reductions efforts in each division. Due mainly to these extraordinary
expenses, operating profit decreased by 44.1%, to JPY60,576 (USD546)
million; profit before income taxes decreased by 29.3%, to JPY104,100
(USD938) million; and profit attributable to owners of the parent
decreased by 14.7%, to JPY79,419 (USD715) million.
Average exchange rates for the period reflect the Japanese yen's
appreciation of approximately 0.9% against the U.S. dollar, to JPY111,
while the yen-to-euro exchange rate remained unchanged from the
prior-year period's average of JPY129. As a result, sales revenue was
reduced by approximately JPY3 billion (USD27 million) as compared to the
prior-year period.
Consolidated Financial Highlights: Third Quarter
Unit: Millions (except percentages)
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Three Months Ended December 31,
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2017 (FY18-Q3) in JPY
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2018 (FY19-Q3) in JPY
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Change
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2018 (FY19-Q3) in USD
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2018 (FY19-Q3) in EUR
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Amount in JPY
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%
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Sales revenue:
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406,671
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413,779
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7,108
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1.7
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3,728
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3,258
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Operating profit:
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39,050
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(22,025
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)
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(61,075
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)
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(198
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)
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(173
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)
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Profit before income taxes:
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56,474
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(1,589
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)
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(58,063
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)
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(14
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)
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(13
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)
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Profit attributable to owners of the parent:
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29,647
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1,025
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(28,622
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)
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(96.5
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)
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9
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8
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(See note above regarding exchange rates.)
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Guidance for the Fiscal Year Ending March 31, 2019 Kyocera
has revised the consolidated full-year financial forecasts it announced
on November 28, 2018, anticipating slower fourth-quarter demand for
components amid production adjustments in the smartphone market and
lower capital equipment investments among makers of industrial
machinery. In the equipment and systems business, revenue is expected to
fall short of the November 28, 2018 forecast in the Document Solutions
Group and in the solar energy segment of the Life & Environment Group.
In addition, profit results will fall short of the forecast, as
impairment loss in the organic materials business recorded in the third
quarter will exceed total savings attained through company-wide expense
reduction efforts over the full year.
Regarding average exchange rates for the full fiscal year, Kyocera's
November 28, 2018 forecast of JPY105 against the U.S. dollar has been
revised to JPY110, marking depreciation of JPY5 (4.8%); the forecast of
JPY130 against the euro has been revised to JPY128, marking appreciation
of JPY2 (1.5%).
Consolidated Forecast: Year Ending March 31, 2019
Unit: Yen in millions (except percentages, per-share amounts and
exchange rates)
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Fiscal 2018 Results
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Fiscal 2019 Forecast Announced on November 28, 2018
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Fiscal 2019 Forecast Announced on February 1, 2019
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Change (%) from Fiscal 2018 Results
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Sales revenue:
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1,577,039
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1,650,000
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1,600,000
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1.5
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Operating profit:
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90,699
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99,000
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76,000
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(16.2
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)
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Profit before income taxes:
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129,992
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135,000
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120,000
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(7.7
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)
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Profit attributable to owners of the parent:
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79,137
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95,500
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90,000
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13.7
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Earnings per share attributable to owners of the parent
(basic):
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215.22
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263.32
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*
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248.36
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**
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-
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Average USD exchange rate:
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111
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105
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110
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-
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Average EUR exchange rate:
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130
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130
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128
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-
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*Based on the average number of shares outstanding during the six
months ended September 30, 2018
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**Based on the average number of shares outstanding during the nine
months ended December 31, 2018
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Forward-Looking Statements Please refer to https://global.kyocera.com/ir/disclaimer.html
About
KYOCERA 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, solar
power generating systems, printers, copiers, and mobile phones. During
the year ended March 31, 2018, the company's sales revenue totaled 1.58
trillion yen (approx. USD14.9 billion). Kyocera appears on the "Top 100
Global Innovators" list by Clarivate Analytics and is ranked #612 on Forbes
magazine's 2018 "Global 2000" list of the world's largest publicly
traded companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190131006032/en/
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