Kyocera Announces Consolidated Financial Results for Year Ended March 31, 2024

KYOTO, Japan–(BUSINESS WIRE)–Kyocera Corporation (TOKYO:6971) today announced its consolidated financial results for the fiscal year ended March 31, 2024 (“fiscal year 2024” or the “period”), as summarized below. Complete details are available at: https://global.kyocera.com/ir/library/f_results.html

Consolidated Results: Year-Over-Year

Unit: Millions (except percentages and per-share amounts)
	Year Ended March 31,
	2023 (FY23) in JPY	2024 (FY24) in JPY	Change		2024 (FY24) in USD	2024 (FY24) in EUR
			Amount in JPY	%
Sales revenue:	2,025,332	2,004,221	(21,111)	(1.0)	13,273	12,296
Operating profit:	128,517	92,923	(35,594)	(27.7)	615	570
Profit before income taxes:	176,192	136,143	(40,049)	(22.7)	902	835
Profit attributable to owners of the parent:	127,988	101,074	(26,914)	(21.0)	669	620
Earnings per share attributable to owners of the parent (basic)*:	89.15	71.58	－	－	0.47	0.44
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 = JPY151 and EUR1 = JPY163, rounded to the nearest unit (as of March 29, 2024)
* Earnings per share is recalculated to reflect the previously announced 4-for-1 stock split (effective January 1, 2024)

Summary

The global economy remained generally solid during this period, with growth rates slowed by monetary policies in many regions and rising geopolitical risks. While orders recovered in the company’s key automotive components market, the semiconductor- and information & communication-related markets continued to struggle with inventory adjustments, leaving the recovery incomplete.

As compared to the prior fiscal year, consolidated sales revenue decreased by 1.0%, to JPY2,004,221 (USD13,273) million, due mainly to lower demand for major products in the Core Components and Electronic Components businesses, which more than offset increased sales revenue in the company’s Solutions business.

Consolidated profits declined also, due mainly to lower production capacity utilization rates caused by reduced orders, as well as an increase in labor expenses and other costs. Nonetheless, the company continued proactive capital investment to allow production expansion as recovery occurs in the future.

As a result, operating profit decreased by 27.7%, to JPY92,923 (USD615) million; profit before income taxes decreased by 22.7%, to JPY136,143 (USD902) million; and profit attributable to owners of the parent decreased by 21.0%, to JPY101,074 (USD669) million.

Consolidated Financial Highlights: Fourth Quarter

Unit: Millions (except percentages)
	Three Months Ended March 31,
	2023 (FY23-Q4) in JPY	2024 (FY24-Q4) in JPY	Change		2024 (FY24-Q4) in USD	2024 (FY24-Q4) in EUR
			Amount in JPY	%
Sales revenue:	498,835	511,549	12,714	2.5	3,388	3,138
Operating profit:	14,633	13,079	(1,554)	(10.6)	87	80
Profit before income taxes:	13,436	10,505	(2,931)	(21.8)	70	64
Profit attributable to owners of the parent:	9,205	10,708	1,503	16.3	71	66
(See note above regarding exchange rates)

Consolidated Forecasts: Year Ending March 31, 2025

During fiscal year 2025, inventory adjustments are expected to continue in the semiconductor- and information & communication-related markets, which comprise the company’s major source of revenue; however, recovery is anticipated in the latter half (i.e., the six months ending March 31, 2025).

Kyocera aims to expand its business in the Core Components and Electronic Components segments by preparing thoroughly for a recovery in demand for semiconductor- and information & communication-related components, following our proactive and strategic capital investment initiative. In the Solutions segment, the company seeks to develop new products, services, and businesses. At the same time, Kyocera will strive to improve profitability through continued implementation of structural reforms aimed at revitalizing lower-profit, lower-growth businesses.

The consolidated financial forecasts outlined below are based on expected exchange rates of JPY145 to the U.S. dollar and JPY155 to the euro during the fiscal year ending March 31, 2025.

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)
		Fiscal 2024 Results		Fiscal 2025 Forecasts		Change (%) from Fiscal 2024 Results
Sales revenue:		2,004,221		2,050,000		2.3
Operating profit:		92,923		110,000		18.4
Profit before income taxes:		136,143		150,000		10.2
Profit attributable to owners of the parent:		101,074		112,000		10.8
Earnings per share attributable to owners of the parent (basic):		71.58		79.31	*	–
Average USD exchange rate:		145		145		–
Average EUR exchange rate:		157		155		–
*Based on the average number of shares outstanding during the year ended March 31, 2024

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. 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)75-604-3514

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

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