KYOCY Kyocera Corporation (PK)

In the third table, "Diluted earnings per share attributable to Kyocera Corporation's shareholders:" for “Fiscal 2018 Forecast Announced on May 1” should read: 285.77 (instead of 285.55).

The corrected release reads: 

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

 

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

285.77

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