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
Consolidated Financial Highlights:
First Half
Unit: Millions (except percentages and per-share amounts)
Six Months Ended September 30,
2016(FY17-H1)in JPY
2017(FY18-H1)in JPY
Increase
2017(FY18-H1)in USD
2017(FY18-H1)in EUR
Amountin JPY
% Net sales: 653,243 738,345 85,102 13.0 6,534 5,551 Profit
from operations: 33,785 69,505 35,720 105.7 615 523 Income before
income taxes: 48,578 87,840 39,262 80.8 777 660
Net income attributable toKyocera
Corporation'sshareholders:
36,153 61,387 25,234 69.8 543 462
Diluted earnings per shareattributable to
KyoceraCorporation's shareholders:
98.47 166.94 - - 1.48
1.26 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)
SummaryRobust 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.
Consolidated Financial Highlights:
Second Quarter
Unit: Millions (except percentages) Three Months
Ended September 30, 2017
2016(FY17-Q2)in JPY
2017(FY18-Q2)in JPY
Increase
2017(FY18-Q2)in USD
2017(FY18-Q2)in EUR
Amountin JPY
% Net sales: 333,258 393,183 59,925 18.0 3,479 2,956 Profit
from operations: 21,515 38,338 16,823 78.2 339 288
Income before income taxes:
23,780 38,580 14,800 62.2 341 290
Net income attributable toKyocera
Corporation'sshareholders:
18,700 26,406 7,706 41.2 234
199 (See note above regarding exchange rates.)
Expectations for the Full Fiscal YearThe 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:
- First-half sales and profit grew beyond
original projections due primarily to a favorable business
environment in major components markets.
- Overall demand for parts used in
industrial machinery and automotive-related components is expected
to rise in the second half.
- 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 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.
Consolidated Forecast: Year Ending
March 31, 2018
Unit: Yen in millions (except percentages, per-share amounts and
exchange rates)
Fiscal 2017Results
Fiscal 2018ForecastAnnounced onMay 1
Fiscal 2018ForecastAnnounced onOctober
30
Increase(%) toFiscal 2017Results
Net sales: 1,422,754 1,500,000 1,560,000 9.6 Profit from
operations: 104,542 120,000 135,000 29.1 Income before income
taxes: 137,849 150,000 170,000 23.3
Net income attributable toKyocera
Corporation'sshareholders:
103,843 105,000 119,000 14.6
Diluted earnings per shareattributable to
KyoceraCorporation's shareholders:
282.62 285.55 323.62 * - Average USD exchange rate: 108 108 111 -
Average EUR exchange rate: 119 115 128 - *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.
FORWARD-LOOKING STATEMENTSExcept 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 KYOCERAKyocera 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/
KYOCERA Corporation (Japan)Kenichi Hara,
+81-(0)75-604-3416Corporate
Communicationswebmaster.pressgl@kyocera.jpFax:
+81-(0)75-604-3516
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