KYOCY Kyocera Corporation (PK)

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its third-quarter financial results for the fiscal year ending March 31, 2017. The results are summarized below, both as an aggregation of Kyocera’s first three fiscal quarters (the “period,” i.e., nine months ended Dec. 31, 2016), and as the third quarter alone (the “quarter,” i.e., three months ended Dec. 31, 2016). Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

Consolidated Financial Highlights: Nine Months Ended December 31, 2016

Unit: Millions (except percentages and per-share amounts)

    Nine Months Ended December 31,

2015(FY16)in JPY

 

2016(FY17)in JPY

 

Increase(Decrease)

   

2016(FY17)in USD

   

2016(FY17)in EUR

Amountin JPY

  % Net sales: 1,093,030 1,014,628 (78,402) (7.2) 8,672 8,249 Profit from operations: 66,020 67,102 1,082 1.6 574 546 Income before income taxes: 97,390 98,706 1,316 1.4 844 802

Net income attributable toshareholders of KyoceraCorporation:

59,504 70,852 11,348 19.1 606 576

Diluted earnings per shareattributable to shareholders ofKyocera Corporation:

  162.20   192.88   -   -     1.65     1.57

Note on exchange rates: U.S. dollar (USD) and euro (EUR) conversions are provided above and in the Q3 chart below as a convenience to the reader, based on the rates of USD1 = JPY117 and EUR1 = JPY123, rounded to the nearest unit (as of December 30, 2016).

SummaryThe principal markets served by Kyocera Corporation and its subsidiaries (the “Kyocera Group” or “Kyocera”) experienced mixed results during this period:

• The automotive market enjoyed stable growth, due primarily to rising vehicle sales in China and Europe.
• The information and communications market experienced rising demand for miniaturized, highly functional components; however, stagnating growth rates in smartphone shipments continued.
• The global solar energy market saw continued erosion in the price of photovoltaic (PV) modules, and Japan-market demand decreased due to feed-in tariff changes that reduced the price of power purchased from PV system owners.

Consolidated net sales for this period decreased 7.2% over the prior nine-month period, to JPY1,014,628 (USD8,672) million, due mainly to the impact of the yen’s appreciation; profit from operations increased 1.6%, to JPY67,102 (USD574) million; income before income taxes increased 1.4%, to JPY98,706 (USD844) million; and net income attributable to shareholders of Kyocera Corporation increased 19.1%, to JPY70,852 (USD606) million.

Consolidated Financial Highlights: Third Quarter

Unit: Millions (except percentages)

 

  Three Months Ended December 31,

2015(FY16-Q3)in JPY

 

2016(FY17-Q3)in JPY

 

Increase(Decrease)

   

2016(FY17-Q3)in USD

   

2016(FY17-Q3)in EUR

Amountin JPY

  % Net sales: 370,453 361,385 (9,068) (2.4) 3,089 2,938 Profit from operations: 4,071 33,317 29,246 718.4 285 271 Income before income taxes: 19,390 50,128 30,738 158.5 428 408

Net income attributable toshareholders of KyoceraCorporation:

  8,712   34,699   25,987   298.3     297     282

(See note above regarding exchange rates.)

 

Expectations for the Full Fiscal YearCurrent conditions in the solar energy and electronic device markets, combined with a delay in the launch of new information equipment products, have led Kyocera Corporation to revise its consolidated financial forecasts for the year ending March 31, 2017 (“fiscal 2017”). The company’s earlier forecasts of net sales and profit from operations have been lowered; the forecast of income before income taxes remains unchanged; and the forecast for net income attributable to shareholders of Kyocera Corporation has been revised upward, as shown in the table below. Kyocera will strive aggressively to capitalize on new business opportunities while reducing expenses in order to achieve the best possible results.

 

Consolidated Forecast: Year Ending March 31, 2017

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)  

Fiscal 2016Results

 

Fiscal 2017 ForecastsAnnounced on

 

Increase(Decrease)(%) toFiscal 2016Results

 

October31, 2016

 

January31, 2017

Net sales: 1,479,627 1,520,000 1,410,000 (4.7 ) Profit from operations: 92,656 110,000 95,000 2.5 Income before income taxes: 145,583 130,000 130,000 (10.7 )

Net income attributable to shareholdersof Kyocera Corporation:

109,047 85,000 90,000 (17.5 )

Diluted earnings per share attributableto shareholders of Kyocera Corporation*:

297.24 231.52 245.01 - Average USD exchange rate: 120 104 108 - Average EUR exchange rate: 133 115 119 -  

*Forecast of “Diluted earnings per share attributable to shareholders of Kyocera Corporation” is based on the diluted average number of shares outstanding during the nine months ended December 31, 2016.

FORWARD-LOOKING STATEMENTSExcept for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company’s filings with the U.S. Securities and Exchange Commission.

About KYOCERAKyocera Corporation (NYSE:KYO)(TOKYO:6971), 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 printers, copiers, mobile phones, solar power generating systems, electronic components, semiconductor packages, cutting tools and industrial ceramics. Kyocera appears on the “Top 100 Global Innovators” list by Clarivate Analytics and is ranked #531 on Forbes magazine’s 2016 “Global 2000” list of the world’s largest publicly traded companies.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170130006276/en/

KYOCERA Corporation (Japan)Kenichi Hara, +81-(0)75-604-3416Corporate CommunicationsFax: +81-(0)75-604-3516E-Mail: webmaster.pressgl@kyocera.jpWebsite: http://global.kyocera.com/