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

KYOTO, Japan–(BUSINESS WIRE)–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

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