KYOCERA Announces Consolidated Financial Results for Three Months Ended June 30, 2022

Rhea-AI Summary

Kyocera Corporation reported strong financial results for FY23-Q1, with sales revenue increasing by 16.9% year-over-year to JPY 491,954 million (USD 3,591 million). Operating profit rose 28% to JPY 41,428 million (USD 302 million), while profit before income taxes increased by 26.1% to JPY 68,711 million (USD 502 million). The favorable impact of a weak Japanese yen contributed significantly to these results, resulting in higher profits. Despite ongoing global challenges, Kyocera maintained its full-year forecasts unchanged, highlighting resilience in sectors such as 5G and semiconductors.

Positive

• Sales revenue increased by 16.9% to JPY 491,954 million (USD 3,591 million).
• Operating profit improved by 28% to JPY 41,428 million (USD 302 million).
• Profit before income taxes rose by 26.1% to JPY 68,711 million (USD 502 million).
• Profit attributable to owners of the parent increased by 22.6% to JPY 49,974 million (USD 365 million).

Negative

• Challenges due to supply chain disruptions and rising raw material costs.
• Continued impact of COVID-19 on the business environment.

KYOTO, Japan--(BUSINESS WIRE)-- Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the three months ended June 30, 2022 (the “first quarter,” or “FY23-Q1”), as summarized below. Complete details are available at:
https://global.kyocera.com/ir/library/f_results.html

Consolidated Results of Operations: Three Months Ended June 30

Unit: Millions (except percentages and per-share amounts)
	Three Months Ended June 30,
	2021 (FY22-Q1) in JPY	2022 (FY23-Q1) in JPY	Change		2022 (FY23-Q1) in USD	2022 (FY23-Q1) in EUR
			Amount in JPY	%
Sales revenue:	420,712	491,954	71,242	16.9	3,591	3,440
Operating profit:	32,376	41,428	9,052	28.0	302	290
Profit before income taxes:	54,476	68,711	14,235	26.1	502	480
Profit attributable to owners of the parent:	40,760	49,974	9,214	22.6	365	349
Earnings per share attributable to owners of the parent (basic):	112.46	139.24	－	－	1.02	0.97
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 = JPY137 and EUR1 = JPY143, rounded to the nearest unit (as of June 30, 2022)

 

Summary

The first-quarter business environment was characterized by continued COVID-19 impact, new logistical challenges involving supply-chain disruptions, and higher prices for raw materials, energy and other resources. The Japanese yen weakened sharply due to rising U.S. interest rates. Nonetheless, strong demand and capital investments continued in 5G and semiconductor-related markets, which contribute substantially to the company’s overall business.

Total first-quarter revenue increased by JPY71,242 (USD520) million, or 16.9% over the prior first quarter, to a record high of JPY491,954 (USD3,591) million. This achievement resulted in part from the company’s own increased capital investment in new manufacturing capacity, especially in components businesses, with other sales revenue gains led by the industrial tools unit.

Profit also increased compared to the prior-year period, as a result of increased sales, the favorable cost-structure impact of a depreciating Japanese yen, and efforts to improve productivity in each division. Operating profit increased by JPY9,052 (USD66) million, or 28.0%, to JPY41,428 (USD302) million; profit before income taxes increased by JPY14,235 (USD104) million, or 26.1%, to JPY68,711 (USD502) million; and profit attributable to owners of the parent increased by JPY9,214 (USD67) million, or 22.6%, to JPY49,974 (USD365) million.

Averaged exchange rates during the first quarter show the Japanese yen weakened against both the U.S. dollar (by 19.3%, to JPY130) and the euro (by 4.5%, to JPY138), compared to the prior first quarter. This had the effect of increasing sales revenue by approximately JPY44 billion (USD321 million), and increasing profit before income taxes by approximately JPY11.5 billion (USD84 million).

Consolidated Forecasts: Year Ending March 31, 2023

Although uncertainty regarding inflation, global logistics, and pandemic-related impacts will continue in the second quarter (i.e., the three months ending Sept. 30, 2022) and beyond, the company aims to achieve its full-year forecasts by responding swiftly to anticipated demand, particularly in 5G and semiconductor-related markets. With first-quarter results generally rising within the range of projections, the company’s consolidated financial forecasts for the full year ending March 31, 2023 (“fiscal 2023”) remain unchanged from those announced in April 2022.

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)
		Fiscal 2022 Results		Fiscal 2023 Forecast		Change (%) from Fiscal 2022 Results
Sales revenue:		1,838,938		2,000,000		8.8
Operating profit:		148,910		174,000		16.8
Profit before income taxes:		198,947		220,000		10.6
Profit attributable to owners of the parent:		148,414		154,000		3.8
Earnings per share attributable to owners of the parent (basic):		411.15		429.09	*	-
Average USD exchange rate:		112		115		-
Average EUR exchange rate:		131		125		-
*Based on the average number of shares outstanding during the three months ended June 30, 2022

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, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220731005059/en/

KYOCERA Corporation (Japan), Corporate Communications

Kenichi Hara

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

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

webmaster.pressgl@kyocera.jp

Source: KYOCERA Corporation

FAQ

What were Kyocera's revenue results for FY23-Q1?

Kyocera reported sales revenue of JPY 491,954 million (USD 3,591 million) for FY23-Q1, an increase of 16.9% year-over-year.

How did Kyocera's profits change in FY23-Q1?

Operating profit increased by 28% to JPY 41,428 million (USD 302 million), while profit before income taxes rose by 26.1% to JPY 68,711 million (USD 502 million).

What factors contributed to Kyocera's financial results?

The weak Japanese yen and strong demand in the 5G and semiconductor sectors significantly boosted revenue and profits.

Did Kyocera change its financial forecasts for FY2023?

Kyocera maintained its consolidated financial forecasts for the full year ending March 31, 2023, unchanged from the April 2022 announcement.