Kyocera Announces Consolidated Financial Results for Six Months Ended September 30, 2023

KYOTO, Japan--()--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 2023
Results
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 owners
of the parent:

127,988

145,000

123,000

(3.9)

Earnings per share attributable
to 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

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, 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.

Contacts

KYOCERA Corporation (Japan), Corporate Communications
Kenichi Hara, Tel: +81-(0)75-604-3514 Fax: +81-(0)75-604-3516
webmaster.pressgl@kyocera.jp

Release Summary

Kyocera Corporation announced its consolidated financial results for the first half of fiscal year 2024.

Contacts

KYOCERA Corporation (Japan), Corporate Communications
Kenichi Hara, Tel: +81-(0)75-604-3514 Fax: +81-(0)75-604-3516
webmaster.pressgl@kyocera.jp