KYOCERA Announces Consolidated Financial Results for Three Months Ended June 30, 2019

KYOTO, Japan–(BUSINESS WIRE)–Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the three months ended June 30, 2019 (“the first quarter” or “FY20-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,
2018
(FY19-Q1)
in JPY
2019
(FY20-Q1)
in JPY
Change 2019
(FY20-Q1)
in USD
2019
(FY20-Q1)
in EUR
Amount
in JPY
%
Sales revenue: 387,484 384,937 (2,547) (0.7) 3,564 3,155
Operating profit: 37,104 22,629 (14,475) (39.0) 210 185
Profit before income taxes: 55,488 45,486 (10,002) (18.0) 421 373
Profit attributable to owners of the parent: 42,284 32,037 (10,247) (24.2) 297 263
Earnings per share attributable to owners of the parent (basic): 116.29 88.56 0.82 0.73
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 = JPY108 and EUR1 = JPY122, rounded to the nearest unit (as of June 28, 2019)

Summary
Sales revenue during the first quarter decreased 0.7% over the prior first quarter, to JPY384,937 (USD3,564) million. Higher sales of mobile phones in the Japanese market contributed to increased sales revenue in the Equipment & Systems Business. However, this was offset by decreased sales in the Components Business, stemming from sluggish growth in global smartphone and semiconductor-related markets, combined with uncertainty surrounding trade relations between the United States and China.

Despite profit growth in the Equipment & Systems Business, led by increased sales and profitability in the Communications Group, the company recorded decreased profit as compared to the prior first quarter, due to the impact of lower revenue in the Components Business; higher depreciation charges; increased research and development expenses; and approximately JPY5,500 (USD51) million in costs incurred through the Company’s 60th anniversary celebrations.

As a result, operating profit decreased 39.0%, to JPY22,629 (USD210) million; profit before income taxes decreased 18.0%, to JPY45,486 (USD421) million; and profit attributable to owners of the parent decreased 24.2%, to JPY32,037 (USD297) million.

Averaged exchange rates during the first quarter show the Japanese yen weakening against the U.S. dollar by approximately 0.9%, to JPY110; and strengthening against the euro by approximately 5.4%, to JPY123, as compared with averages from the prior first quarter. This had the effect of decreasing sales revenue by approximately JPY4,500 (USD42) million and profit before income taxes by approximately JPY2,000 (USD19) million.

Consolidated Forecasts: Year Ending March 31, 2020

First quarter financial results were not far from the Company’s original projections as a whole. Though uncertainty exists about the future of international relations and trade regulations, the Company will continue to enhance productivity and reduce costs in the second quarter (three months ending September 30, 2019) and beyond. Specific objectives include profitability improvement in the organic materials, telecommunications equipment, and solar energy businesses, in which the Company conducted structural reforms during the prior fiscal year. As a result, the Company has made no change to the sales revenue and profit forecasts for the year ending March 31, 2020 that it announced on April 25, 2019.

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)
Fiscal 2019
Results
Fiscal 2020
Forecast
Change
(%) from
Fiscal 2019
Results
 
Sales revenue: 1,623,710 1,700,000 4.7
Operating profit: 94,823 140,000 47.6
Profit before income taxes: 140,610 180,000 28.0
Profit attributable to owners of the parent: 103,210 125,000 21.1
Earnings per share attributable to owners of the parent (basic): 284.94 345.54 *
Average USD exchange rate: 111 105
Average EUR exchange rate: 128 120
Based on the average number of shares outstanding during the three months ended June 30, 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 consolidated 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 public companies.

Contacts

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


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