Kyocera Announces Consolidated Financial Results for Third Quarter, Ended Dec. 31, 2023

Kyocera Corporation (TOKYO: 6971) has unveiled its consolidated financial results for the third quarter of the fiscal year ending March 31, 2024. The summary includes data for both the first three fiscal quarters (nine months) and the third quarter alone, concluding on December 31, 2023.

Consolidated Financial Highlights: Nine Months Ended December 31, 2023

(Amounts in Millions, percentages, and per-share values are in JPY)

FY23 (2022)FY24 (2023)ChangeFY24 (2023) USDFY24 (2023) EUR
Sales Revenue1,526,4971,492,672(33,825) (-2.2%)10,5129,507
Operating Profit113,88479,844(34,040) (-29.9%)562509
Profit Before Taxes162,756125,638(37,118) (-22.8%)885800
Profit (Owners)118,78390,366(28,417) (-23.9%)636576
EPS (Owners, basic)82.7463.94

Note on exchange rates: USD and EUR conversions are based on rates of USD1 = JPY142 and EUR1 = JPY157 as of December 29, 2023. Earnings per share is recalculated to reflect the 4-for-1 stock split effective January 1, 2024.

Period Summary

Economic growth rates slowed due to geopolitical uncertainty and monetary restraint policies. Semiconductor- and Information & Communications-related markets, Kyocera’s major revenue sources, experienced weakness. Sales revenue decreased by 2.2% to JPY1,492,672 million, driven by lower demand in Core Components and Electronic Components segments. Profits declined due to reduced orders, higher labor costs, and increased research and development investments.

Consolidated Financial Highlights: Third Quarter

(Amounts in Millions and percentages are in JPY)

FY23-Q3 (2022)FY24-Q3 (2023)ChangeFY24-Q3 (2023) USDFY24-Q3 (2023) EUR
Sales Revenue514,325507,382(6,943) (-1.3%)3,5733,232
Operating Profit37,39625,842(11,554) (-30.9%)182165
Profit Before Taxes58,44547,771(10,674) (-18.3%)336304
Profit (Owners)43,19733,879(9,318) (-21.6%)239216

Note on exchange rates applies.

Guidance for the Fiscal Year Ending March 31, 2024

With declining growth rates in major economies and no anticipated recovery in Semiconductor- and Information & Communications-related markets, Kyocera revised its consolidated financial forecasts for the fiscal year ending March 31, 2024.

Consolidated Forecast: Year Ending March 31, 2024

(Amounts in Yen in millions, percentages, per-share amounts, and exchange rates are in JPY)

Fiscal 2023 ResultsFiscal 2024 Forecast (Nov. 1, 2023)Fiscal 2024 Forecast (Feb. 1, 2024)Change (%) from Fiscal 2023 Results
Sales Revenue2,025,3322,050,0002,000,000(-1.3%)
Operating Profit128,517120,00095,000(-26.1%)
Profit Before Taxes176,192170,000140,000(-20.5%)
Profit (Owners)127,988123,000100,000(-21.9%)
EPS (Owners, basic)*189.1586.8970.76
Avg. USD Exchange Rate135140
Avg. EUR Exchange Rate141152

Note on exchange rates and EPS applies.

Kyocera Corporation faces challenges from sluggish market conditions, and the revised forecasts reflect the ongoing impact of economic uncertainties on its financial performance.

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