Kyocera and Its Subsidiaries Experienced Mixed Financial Results

Kyocera and Its Subsidiaries Experienced Mixed Financial Results
Kyocera

Kyocera Corporation announced its third-quarter financial results for the fiscal year ending March 31, 2017. The principal markets served by Kyocera Corporation and its subsidiaries 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 8,672 million USD, due mainly to the impact of the yen’s appreciation; profit from operations increased 1.6%, to 574 million USD. Income before income taxes increased 1.4%, to 844 million USD,  and net income attributable to shareholders of Kyocera Corporation increased 19.1%, to 606 million USD.

Current 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.

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.