Kyocera H1 Profit Down; Maintains FY Outlook - Quick Facts

(RTTNews) - Kyocera Corp. (KYO), a developer of products for the information and communications market, reported Monday that its first-half attributable net income declined 28.8 percent to 36.15 billion yen or $358 million from last year's 50.79 billion yen.

The prior year first half included profit from a sale of assets in the amount of approximately 12 billion yen.

Profit from operations fell 45.5 percent to 33.79 billion yen or $335 million.

Net sales were 653.24 billion yen or $6.47 billion, down 9.6 percent from 722.58 billion yen a year ago, due mainly to the impact of the yen's appreciation.

In the automotive market, growth remained stable due primarily to rising vehicle sales in China and Europe.

Looking ahead, the company noted that for the three months ending December 31, 2016 and thereafter, uncertainty exists regarding the demand trend for smartphone components. However, Kyocera expects increased sales of solar energy products, principally for industrial use in the Japanese market and increased sales in its equipment business, due to new product launches and sales promotion activities.

Based on these expectations, Kyocera's sales and profit forecasts for the fiscal year ending March 31, 2017 remain unchanged.

For the year, attributable net income is expected to be 85 billion yen or 231.52 yen , a decline of 22.1 percent from last year. Profit from operations are expected to be 110 billion yen, a growth of 18.7 percent from last year. Net sales are expected to be 1.52 trillion yen, a growth of 2.7 percent from last year.