Consumer Electronics Technology
KYOCERA Announces Consolidated Financial Results for Third Quarter, Ended Dec. 31, 2022
By Business Wire
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KYOTO, Japan--(BUSINESS WIRE)--Kyocera Corporation (TOKYO: 6971) today announced its consolidated financial results for the third quarter of the fiscal year ending March 31, 2023. Results are summarized below, both as an aggregation of Kyocera’s 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, 2022. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html
Consolidated Financial Highlights: Nine Months Ended December 31, 2022
| Unit: Millions (except percentages and per-share amounts) | ||||||
| Nine Months Ended December 31, | ||||||
| 2021 (FY22) in JPY |
2022 (FY23) in JPY |
Change | 2022 (FY23) in USD |
2022 (FY23) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: |
1,355,665 |
1,526,497 |
170,832 |
12.6 |
11,477 |
10,826 |
| Operating profit: |
118,458 |
113,884 |
(4,574) |
(3.9) |
856 |
808 |
| Profit before income taxes: |
163,103 |
162,756 |
(347) |
(0.2) |
1,224 |
1,154 |
| Profit attributable to owners of the parent: |
119,833 |
118,783 |
(1,050) |
(0.9) |
893 |
842 |
| Earnings per share attributable to owners of the parent (basic): |
331.34 |
330.96 |
－ |
－ |
2.49 |
2.35 |
| 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 = JPY133 and EUR1 = JPY141, rounded to the nearest unit (as of December 30, 2022) | ||||||
Period Summary
This nine-month period was characterized by slowing economic growth rates amid an uncertain global situation, continuing inflation, rising global interest rates and a sharp depreciation in the Japanese yen. Concerning the company’s major revenue sources, the period brought continued robust demand in semiconductor-related markets; however, smartphone-related markets exhibited a slowing trend.
Due to the impact of the company’s investments in expanding component production for semiconductor-related markets, as well as the impact of the weaker yen, the period sales revenue increased by 12.6% over the prior-year period, to JPY1,526,497 (USD11,477) million, marking a record high.
Nevertheless, despite the weaker yen and increased sales revenue for the company as a whole, profit decreased as compared with the prior-year period as operating costs rose, particularly in raw materials and logistics. The Communications Unit experienced a sharp decrease in sales revenue during the period, and the company recorded slowing demand for components used in smartphones during the three months ended Dec. 31, 2022. The period also included two extraordinary costs totaling approximately 10 billion yen: approx. JPY7 billion in litigation costs during the three months ended Sept. 30, 2022, and approx. JPY3 billion in pension liabilities during the three months ended Dec. 31, 2022. Consequently, as compared with the prior-year period, operating profit decreased 3.9%, to JPY113,884 (USD856) million; profit before income taxes decreased 0.2%, to JPY162,756 (USD1,224) million; and profit attributable to owners of the parent decreased 0.9%, to JPY118,783 (USD893) million.
Consolidated Financial Highlights: Third Quarter
| Unit: Millions (except percentages) | ||||||
| Three Months Ended December 31, | ||||||
| 2021 (FY22-Q3) in JPY |
2022 (FY23-Q3) in JPY |
Change | 2022 (FY23-Q3) in USD |
2022 (FY23-Q3) in EUR |
||
| Amount in JPY |
% | |||||
| Sales revenue: |
479,328 |
514,325 |
34,997 |
7.3 |
3,867 |
3,648 |
| Operating profit: |
42,779 |
37,396 |
(5,383) |
(12.6) |
281 |
265 |
| Profit before income taxes: |
63,752 |
58,445 |
(5,307) |
(8.3) |
439 |
415 |
| Profit attributable to owners of the parent: |
46,614 |
43,197 |
(3,417) |
(7.3) |
325 |
306 |
| (See note above regarding exchange rates) | ||||||
Guidance for the Fiscal Year Ending March 31, 2023
During this nine-month period, the company’s sales revenue increased most strongly in semiconductor-related markets. The three months ending Mar. 31, 2023 are forecast to bring slower economic growth, rising global inflation, lower volumes of smartphone sales and production, and higher costs, especially in raw materials and logistics. Under these circumstances, the company has revised its consolidated financial forecasts for the fiscal year ending March 31, 2023 as outlined in the table below.
Consolidated Forecast: Year Ending March 31, 2023
| Unit: Yen in millions (except percentages, per-share amounts and exchange rates) | ||||||||
| Fiscal 2022 Results |
Fiscal 2023 Forecast Announced on April 28, 2022 |
Fiscal 2023 Forecast Announced on February 1, 2023 |
Change (%) from Fiscal 2022 Results |
|||||
| Sales revenue: |
1,838,938 |
2,000,000 |
2,000,000 |
8.8 |
||||
| Operating profit: |
148,910 |
174,000 |
120,000 |
(19.4) |
||||
| Profit before income taxes: |
198,947 |
220,000 |
170,000 |
(14.6) |
||||
| Profit attributable to owners of the parent: |
148,414 |
154,000 |
124,000 |
(16.4) |
||||
| Earnings per share attributable to owners of the parent (basic): |
411.15 |
426.63 |
345.49 |
*1 |
- |
|||
| Average USD exchange rate: |
112 |
134 |
*2 |
134 |
- |
|||
| Average EUR exchange rate: |
131 |
137 |
*2 |
137 |
- |
|||
| *1: Based on the average number of shares outstanding during the nine months ended December 31, 2022 | ||||||||
| *2: On October 31, 2022, forecast revised from the previous forecast made in April 2022. The previous forecasts were 115 yen for average US$ exchange rate, 125 yen for average Euro exchange rate. | ||||||||
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.
Contacts
KYOCERA Corporation (Japan)
Corporate Communications
Masaru Usami
Tel: +81-(0)75-604-3416
Fax:+81-(0)75-604-3516
E-Mail: webmaster.pressgl@kyocera.jp
Website: https://global.kyocera.com/
First published on Wed, Feb 1, 2023
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