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KYOTO, Japan, April 26, 2024--(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 | 2024 | Change | 2024 | 2024 | ||
| Amount | % | |||||
| 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 | 2024 | Change | 2024 | 2024 | ||
| Amount | % | |||||
| 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).