Kyocera Announces Consolidated Financial Results for Six Months Ended September 30, 2023
Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the first half of fiscal year 2024, covering the six months ended September 30, 2023 (the “first half,” or “FY24-H1”), as summarized below. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html
Consolidated Results of Operations: First Half
Unit: Millions (except percentages and per-share amounts)
Six Months Ended September 30, 2022(FY23-H1)
in JPY 2023
(FY24-H1)
in JPY Change 2023
(FY24-H1)
in USD 2023
(FY24-H1)
in EUR Amount
in JPY % Sales revenue:
1,012,172
985,290
(26,882)
(2.7)
6,569
6,236
Operating profit:76,488
54,002
(22,486)
(29.4)
360
342
Profit before income taxes:104,311
77,867
(26,444)
(25.4)
519
493
Profit attributable to owners of the parent:75,586
56,487
(19,099)
(25.3)
377
358
Earnings per share attributable to owners of the parent (basic):210.60
159.61
-
-
1.06
1.01
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 = JPY150 and EUR1 = JPY158, rounded to the nearest unit (as of September 29, 2023)Summary
Geopolitical volatility and price inflation continued globally during the first half, leading to weaker demand and inventory adjustments in the Company’s key markets for Semiconductor-related components and Information Communications components.
Although Solutions segment sales increased, the company’s consolidated sales revenue decreased 2.7% over the prior first half, to JPY985,290 (USD6,569) million, due mainly to reduced demand in key components markets.
Profits decreased as well, due mainly to a combination of lower sales revenue and inflation raising the cost of raw materials and energy.
Consolidated operating profit decreased 29.4% from the prior first half, to JPY54,002 (USD360) million; profit before income taxes decreased 25.4%, to JPY77,867 (USD519) million; and profit attributable to owners of the parent decreased 25.3%, to JPY56,487 (USD377) million.
Consolidated Results of Operations: Second Quarter
Unit: Millions (except percentages)
Three Months Ended September 30, 2022(FY23-Q2)
in JPY 2023
(FY24-Q2)
in JPY Change 2023
(FY24-Q2)
in USD 2023
(FY24-Q2)
in EUR Amount
in JPY % Sales revenue:
520,218
505,870
(14,348)
(2.8)
3,372
3,202
Operating profit:35,060
28,325
(6,735)
(19.2)
189
179
Profit before income taxes:35,600
27,390
(8,210)
(23.1)
183
173
Profit attributable to owners of the parent:25,612
19,095
(6,517)
(25.4)
127
121
(See note above regarding exchange rates)Consolidated Forecasts: Year Ending March 31, 2024
While first-half consolidated financial results approached the Company’s original projections, the business environment is expected to be severe during the second half ending March 31, 2024. Markets for Semiconductor-related components and Information Communications components are expected to continue to show weakness, marked by declining industry-wide shipments of smartphones and deferred capital investment in data centers. Based on these new expectations, the company has revised its consolidated full-year financial forecast as indicated in the table below.
Unit: Yen in millions (except percentages, per-share amounts and exchange rates)
Fiscal 2023Results Fiscal 2024
Forecast
Announced on
May 15 Fiscal 2024
Forecast
Announced on
November 1 Change
(%) from
Fiscal 2023
Results Sales revenue:
2,025,332
2,100,000
2,050,000
1.2
Operating profit:128,517
147,000
120,000
(6.6)
Profit before income taxes:176,192
200,000
170,000
(3.5)
Profit attributable to ownersof the parent:
127,988
145,000
123,000
(3.9)
Earnings per share attributableto owners of the parent (basic):
356.60
404.00
347.56
*-
Average USD exchange rate:135
125
140
-
Average EUR exchange rate:141
130
152
-
* Based on the average number of shares outstanding during the six months ended September 30, 2023.Earnings per share forecast recalculated to reflect the previously announced 4-for-1 stock split (effective January 1, 2024) is JPY86.89.
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, 2023, the company’s consolidated sales revenue totaled 2 trillion yen (approx. US$15.1 billion). Kyocera is ranked #672 on Forbes magazine’s 2023 “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.
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