Kyocera Reports FY 2020 Results, Lowers Forecast

On April 27, Kyocera reported its financial results for the fiscal year ending March 31, 2020. With its fiscal year ending at this point, it was only the fourth quarter and its next-year projections directly impacted by the COVID-19 crisis.

Kyocera’s full-year revenue, the projection for which had been revised downward to 1,625,000 million yen in its third-quarter announcement, came in at 1,500,053 million yen, down 1.5 percent year over year. Its document solutions group, the forecast for which was revised downward to 375,000 million yen, came in at 359,915 million yen, down 4.1% year over year.

Some of Kyocera’s numbers were impacted by M&A, including its acquisitions of Huon IT and Everteam Software SAS in the Document Solutions Group, but it also noted profit decreases due to the global economic slowdown and COVID-19, primarily in its Industrial & Automotive Components Group, Electronic Devices Group and Document Solutions Group — a total impact, it said, of approximately 16 billion yen in sales revenue and 7 billion yen in profit before income taxes.

When looking at the fourth-quarter numbers, the impact of COVID-19 becomes more apparent. Sales revenue was down 1.7% over the previous-year period, but operating profit was down 84.4%, profit before income taxes was down 80.3% and profit attributable to owners of the parent down 72.9%.

The Document Solutions group, which makes up 23% of the company’s sales revenue, was down 8.8% year over year – although up 3.1% from the third quarter.

For its year ending March 31, 2021, Kyocera projects sales revenues of 1,500,000 million,  down 6.2%, with operating profit down 25.1%. Its projections assume the global economy will continue to be unstable through the end of its fiscal first quarter ending June 30, 2020, but will gradually recover toward the end of fiscal 2021, starting with the quarter ending Sept. 30, 2020. Included in the major markets and businesses under pressure of lower demand is the Printers and MFPs market in the Document Solutions Group.

See the full report and supporting materials at Kyocera’s Investor Relations page.

 

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