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

KYOTO, Japan–(BUSINESS WIRE)–Kyocera Corporation (TOKYO: 6971) today announced its consolidated financial results for the third quarter of the fiscal year ending March 31, 2024. Results are summarized below, both as an aggregation of Kyocera’s first three fiscal quarters (the “period,” i.e., nine months), and as the third quarter alone (the “quarter,” i.e., three months) ended Dec. 31, 2023. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html

Consolidated Financial Highlights: Nine Months Ended December 31, 2023

Unit: Millions (except percentages and per-share amounts)
	Nine Months Ended December 31,
	2022 (FY23) in JPY	2023 (FY24) in JPY	Change		2023 (FY24) in USD	2023 (FY24) in EUR
			Amount in JPY	%
Sales revenue:	1,526,497	1,492,672	(33,825)	(2.2)	10,512	9,507
Operating profit:	113,884	79,844	(34,040)	(29.9)	562	509
Profit before income taxes:	162,756	125,638	(37,118)	(22.8)	885	800
Profit attributable to owners of the parent:	118,783	90,366	(28,417)	(23.9)	636	576
Earnings per share attributable to owners of the parent (basic)*:	82.74	63.94	－	－	0.45	0.41
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 = JPY142 and EUR1 = JPY157, rounded to the nearest unit (as of December 29, 2023)
* Earnings per share is recalculated to reflect the previously announced 4-for-1 stock split (effective January 1, 2024)

Period Summary

Economic growth rates slowed during this period due to rising geopolitical uncertainty and continuing monetary restraint policies in European countries and the United States. These factors led to further weakness in Semiconductor- and Information & Communications- related markets, which comprise the company’s major revenue sources.

Compared to the year-ago period, sales revenue decreased by 2.2%, to JPY1,492,672 (USD10,512) million, due mainly to lower demand for key products in the Core Components and Electronic Components segments, which offset rising sales in the Solutions segment.

Profits decreased as well, due primarily to lower production equipment utilization rates caused by reduced orders, rising labor costs, and higher research and development investments to support future growth.

As a result, consolidated operating profit decreased by 29.9% from the year-ago period, to JPY79,844 (USD562) million; profit before income taxes decreased by 22.8%, to JPY125,638 (USD885) million; and profit attributable to owners of the parent decreased by 23.9%, to JPY90,366 (USD636) million.

Consolidated Financial Highlights: Third Quarter

Unit: Millions (except percentages)
	Three Months Ended December 31,
	2022 (FY23-Q3) in JPY	2023 (FY24-Q3) in JPY	Change		2023 (FY24-Q3) in USD	2023 (FY24-Q3) in EUR
			Amount in JPY	%
Sales revenue:	514,325	507,382	(6,943)	(1.3)	3,573	3,232
Operating profit:	37,396	25,842	(11,554)	(30.9)	182	165
Profit before income taxes:	58,445	47,771	(10,674)	(18.3)	336	304
Profit attributable to owners of the parent:	43,197	33,879	(9,318)	(21.6)	239	216
(See note above regarding exchange rates)

Guidance for the Fiscal Year Ending March 31, 2024

With declining growth rates in most major economies, the anticipated recovery in demand from the Semiconductor- and Information & Communications- related markets did not occur during this nine-month period. Consequently, consolidated financial results were lower than expected. Further, with sluggish conditions projected to continue in major markets during the company’s fourth fiscal quarter, Kyocera Corporation has revised its consolidated financial forecasts for the fiscal year ending March 31, 2024, as outlined below.

Consolidated Forecast: Year Ending March 31, 2024

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)
		Fiscal 2023 Results		Fiscal 2024 Forecast Announced on November 1, 2023		Fiscal 2024 Forecast Announced on February 1, 2024		Change (%) from Fiscal 2023 Results
Sales revenue:		2,025,332		2,050,000		2,000,000		(1.3)
Operating profit:		128,517		120,000		95,000		(26.1)
Profit before income taxes:		176,192		170,000		140,000		(20.5)
Profit attributable to owners of the parent:		127,988		123,000		100,000		(21.9)
Earnings per share attributable to owners of the parent (basic)*1:		89.15		86.89	*2	70.76	*3	–
Average USD exchange rate:		135		140		143		–
Average EUR exchange rate:		141		152		155		–
*1: Earnings per share is recalculated to reflect the previously announced 4-for-1 stock split (effective January 1, 2024)
*2: Based on the average number of shares outstanding during the six months ended September 30, 2023
*3: Based on the average number of shares outstanding during the nine months ended December 31, 2023

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)

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Kenichi Hara

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

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

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Website: https://global.kyocera.com/