AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

KYOCERA Announces Consolidated Financial Results for Third Quarter, Ended Dec. 31, 2019

January 30, 2020 GMT

KYOTO, Japan--(BUSINESS WIRE)--Jan 30, 2020--

Kyocera Corporation (TOKYO:6971) today announced its consolidated third-quarter financial results for the fiscal year ending March 31, 2020. 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, 2019. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html

Consolidated Financial Highlights: Nine Months Ended December 31, 2019

Unit: Millions (except percentages and per-share amounts)      
 

Nine Months Ended December 31,

 

2018
(FY19)
in JPY

2019
(FY20)
in JPY

Change

2019
(FY20)
in USD

2019
(FY20)
in EUR

Amount
in JPY

%

Sales revenue:

1,214,417

1,196,885

(17,532)

(1.4)

10,881

9,731

Operating profit:

60,576

94,860

34,284

56.6

862

771

Profit before income taxes:

104,100

141,629

37,529

36.1

1,288

1,151

Profit attributable to owners of the parent:

79,419

101,265

21,846

27.5

921

823

Earnings per share attributable to owners of the parent (basic):

219.17

279.58

2.54

2.27

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 = JPY110 and EUR1 = JPY123, rounded to the nearest unit (as of December 30, 2019)

Summary
China’s economic slowdown and continued inventory adjustments led to decreased revenue from the Electronic Devices business during this period, which offset new revenue contributions from M&A in the Industrial & Automotive Components business. As a result, consolidated sales revenue during the nine months ended December 31, 2019 decreased by JPY17,532 (USD159) million, or 1.4%, to JPY1,196,885 (USD10,881) million, as compared to the prior-year period.

Despite the lower sales revenue, profit increased year-over-year, due mainly to reduced expenses — led by the absence of approximately JPY68.5 billion (USD623 million) in non-recurring charges from the prior-year period, which included one-time costs in the Solar Energy and Organic Materials businesses. As a result, operating profit increased by JPY34,284 (USD312) million, or 56.6%, to JPY94,860 (USD862) million; profit before income taxes increased by JPY37,529 (USD341) million, or 36.1%, to JPY141,629 (USD1,288) million; and profit attributable to owners of the parent increased by JPY21,846 (USD199) million, or 27.5%, to JPY101,265 (USD921) million, as compared to the prior-year period.

Average exchange rates for the period reflect the Japanese yen’s appreciation of 1.8% against the U.S. dollar, to JPY109, and 6.2% against euro, to JPY121, as compared to the prior-year period. As a result, sales revenue and profit before income taxes were reduced by approximately JPY30 billion (USD273 million) and JPY10.5 billion (USD95 million) respectively, as compared to the prior-year period.

Consolidated Financial Highlights: Third Quarter

Unit: Millions (except percentages)      
 

Three Months Ended December 31,

 

2018
(FY19-Q3)
in JPY

2019
(FY20-Q3)
in JPY

Change

2019
(FY20-Q3)
in USD

2019
(FY20-Q3)
in EUR

Amount
in JPY

%

Sales revenue:

413,779

397,835

(15,944)

(3.9)

3,617

3,234

Operating profit:

(22,025)

34,540

56,565

-

314

281

Profit before income taxes:

(1,589)

56,416

58,005

-

513

459

Profit attributable to owners of the parent:

1,025

41,651

40,626

-

379

339

(See note above regarding exchange rates.)

Guidance for the Fiscal Year Ending March 31, 2020
Consolidated full-year sales and profit results are expected to miss the forecasts announced on October 31, 2019. Profitability in the Solar Energy and Organic Materials businesses has improved through the structural reforms implemented in the prior fiscal year. In addition, demand for 5G- and IoT-related products is on an upward trend. However, automotive and industrial machinery demand is predicted to remain sluggish in many major global markets through the fourth quarter. Kyocera has therefore revised its consolidated financial forecasts as shown in the table below.

Consolidated Forecast: Year Ending March 31, 2020

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)  
    Fiscal 2019
Results
Fiscal 2020
Forecast
Announced on
October 31,
2019
 Fiscal 2020
Forecast
Announced on
January 30,
2020
 Change
(%) from
Fiscal 2019
Results
 
Sales revenue: 

1,623,710

 

1,700,000

 

1,625,000

 

0.1

Operating profit: 

94,823

 

140,000

 

118,000

 

24.4

Profit before income taxes: 

140,610

 

180,000

 

165,000

 

17.3

Profit attributable to owners of the parent: 

103,210

 

125,000

 

117,000

 

13.4

Earnings per share attributable to owners of the parent (basic): 

284.94

 

345.21

*

323.02

**

-

Average USD exchange rate: 

111

 

105

 

108

 

-

Average EUR exchange rate: 

128

 

120

 

120

 

-

*Based on the average number of shares outstanding during the six months ended September 30, 2019
**Based on the average number of shares outstanding during the nine months ended December 31, 2019

Forward‐Looking Statements
Please refer to https://global.kyocera.com/ir/disclaimer.html

About KYOCERA
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, solar power generating systems, printers, copiers, and mobile phones. During the year ended March 31, 2019, the company’s sales revenue totaled 1.62 trillion yen (approx. USD14.6 billion). Kyocera appears on the “Derwent Top 100 Global Innovators 2018-19” list by Clarivate Analytics and is ranked #655 on Forbes magazine’s 2019 “Global 2000” list of the world’s largest publicly traded companies.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200129005880/en/

CONTACT: KYOCERA Corporation (Japan)

Corporate Communications

Kenichi Hara

Tel: +81-(0)75-604-3416

Fax: +81-(0)75-604-3516

E-Mail:webmaster.pressgl@kyocera.jp

Website:https://global.kyocera.com/

KEYWORD: JAPAN ASIA PACIFIC

INDUSTRY KEYWORD: TECHNOLOGY MANUFACTURING ALTERNATIVE ENERGY ENERGY OTHER MANUFACTURING HARDWARE

SOURCE: KYOCERA Corporation

Copyright Business Wire 2020.

PUB: 01/30/2020 01:30 AM/DISC: 01/30/2020 01:30 AM

http://www.businesswire.com/news/home/20200129005880/en