Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its
consolidated financial results for the first quarter of fiscal year
2017 (the three months ended June 30, 2016, or “Q1”), as summarized
below. Complete details are available at:
http://global.kyocera.com/ir/financial/f_results.html
Financial Results: Three Months Ended
June 30
Unit: Millions (except percentages and
per-share amounts)
Three Months Ended June 30,
2015(FY16-Q1)in JPY
2016(FY17-Q1)in JPY
Increase(Decrease)
2016(FY17-Q1)in USD
2016(FY17-Q1)in EUR
Amountin JPY
% Net sales: 339,247 319,985 (19,262) (5.7) 3,109 2,797
Profit from operations: 32,583 12,270 (20,313) (62.3) 119 107
Income before income taxes: 47,010 24,798 (22,212) (47.2) 241 217
Net income attributable toshareholders of
KyoceraCorporation:
31,575 17,453 (14,122) (44.7) 170 153
Diluted earnings per shareattributable to
shareholders ofKyocera Corporation:
86.07 47.58 - - 0.46 0.42
Note: As a convenience to the reader, U.S.
dollar (USD) and euro (EUR) conversions are provided based on the
rates of USD1 = JPY102.91 and EUR1 = JPY114.39 rounded to the
nearest unit.
Summary of Consolidated Financial Results
With regard to the principal markets served by Kyocera
Corporation and its consolidated subsidiaries (the “Kyocera Group”
or “Kyocera”), rising vehicle sales primarily in Asia fueled
continued strength in automotive manufacturing during Q1. In
contrast, in the information and communications market, component
demand slowed due to adjustments in smartphone production. Demand
in the Japanese solar energy market also declined due to a
reduction in the feed-in tariff benefiting solar power producers.
In summary, sales in the Equipment Business remained flat compared
with the prior Q1, while sales in the Components Business generally
decreased.
On a consolidated basis, net sales decreased 5.7% over the prior
period, to JPY319,985 (USD3,109) million; profit from operations
decreased 62.3%, to JPY12,270 (USD119) million; income before
income taxes decreased 47.2%, to JPY24,798 (USD241) million; and
net income attributable to shareholders of Kyocera Corporation
decreased 44.7%, to JPY17,453 (USD170) million.
The negative effect of the yen’s appreciation against the U.S.
dollar and the euro impacted the company’s results significantly
during Q1. Moreover, lower Q1 profit is explained in part by the
absence of profit from the sale of assets in the amount of
approximately JPY12 billion (USD117 million) during the prior
Q1.
Consolidated Forecasts for the Year
Ending March 31, 2017
Q1 demand for core products was largely in line with initial
projections. From the second quarter onward, Kyocera forecasts an
increase in component demand due to recovery in production of
smartphones. Kyocera also forecasts an increase in sales in the
solar energy business in both the public and commercial sectors,
and growth in sales in the Equipment Business.
As a result, Kyocera’s sales and profit forecasts for the fiscal
year ending March 31, 2017 remain unchanged from those announced on
April 27, 2016. However, in light of recent circumstances, Kyocera
has revised its forecast of exchange rates for the second quarter
onward. Full-year forecasts of average exchange rates for fiscal
2017 have therefore been revised from JPY110 to the U.S. dollar and
JPY120 to the euro as listed below.
Unit: Yen in millions (except percentages, per-share amounts
and exchange rates)
Fiscal 2016Results
Fiscal 2017Forecast
Increase(Decrease)(%) to Fiscal2016
Results
Net sales: 1,479,627 1,520,000 2.7 Profit from operations: 92,656
110,000 18.7 Income before income taxes: 145,583 130,000 (10.7)
Net income attributable toshareholders of
Kyocera Corporation:
109,047 85,000 (22.1)
Diluted earnings per share attributableto
shareholders of KyoceraCorporation*:
297.24 231.70 - Average USD exchange rate: 120
106 - Average
EUR exchange rate: 133
117 -
* Forecast of “Diluted earnings per share attributable to
shareholders of Kyocera Corporation” is based on the diluted
average number of shares outstanding during the three months ended
June 30, 2016.
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 printers,
copiers, mobile phones, solar power generating systems, electronic
components, semiconductor packages, cutting tools and industrial
ceramics. Kyocera appears on the 2014 and 2015 listings of the “Top
100 Global Innovators” by Thomson Reuters, and is ranked #531 on
Forbes magazine’s 2016 “Global 2000” listing of the world’s largest
publicly traded companies.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160727006720/en/
KYOCERA Corporation (Japan)Kenichi Hara,
+81-(0)75-604-3416Corporate
Communicationswebmaster.pressgl@kyocera.jpFax:
+81-(0)75-604-3516
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