KYOTO, Japan--(BUSINESS WIRE)--

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its consolidated third-quarter financial results for the fiscal year ending March 31, 2018. Results are summarized below, both as an aggregation of Kyocera’s first three fiscal quarters (the “period,” i.e., nine months), and as the third quarter alone (the “quarter,” i.e., three months), ended Dec. 31, 2017. Complete details are available at: https://global.kyocera.com/ir/

Summary

During this nine-month period, robust demand for information and telecommunications equipment, automobiles, and industrial machinery fueled a significant increase in the company’s revenue from electronic devices and automotive/industrial components. Revenue in the document solutions business increased as well, following new product launches and related sales promotions. Additionally, merger and acquisitions made a further contribution to the company’s business expansion.

As a result, the company attained record nine-month sales of JPY1,145,016 (USD10,133) million, an increase of JPY130,388 (USD1,154) million, or 12.9%, over the same period of the prior year. Most profit metrics showed significant increases as well, due mainly to stronger sales and successful cost reduction measures. Profit from operations increased 62.4%, to JPY108,984 (USD964) million; and income before income taxes increased 46.8%, to JPY144,864 (USD1,282) million. Net income attributable to Kyocera Corporation's shareholders increased 27.4%, to JPY90,267 (USD799) million, despite third-quarter expenses at U.S. subsidiaries including AVX Corporation, primarily resulting from tax law revisions in the U.S., which amounted to a decrease of approximately JPY11,000 (USD97) million.

Average exchange rates for the nine months reflected the Japanese yen’s weakening against the U.S. dollar by approximately 4.7%, to JPY112, and against the euro by approximately 9.3%, to JPY129, as compared with the same period of the prior year. As a result, net sales and income before income taxes increased by approximately JPY39 billion (USD345 million) and JPY13 billion (USD115 million), respectively, as compared with the prior-year period.

Expectations for the Full Fiscal Year

For the fiscal year ending March 31, 2018, Kyocera makes no change to the forecasts for net sales, profit from operations, or income before income taxes that it announced on October 30, 2017, since its business results are generally in line with those projections. However, net income attributable to Kyocera Corporation's shareholders has been revised as shown below, in reflection of the aforementioned expenses related to U.S. tax law revisions.

Regarding average exchange rates for the full fiscal year, Kyocera’s October 30, 2017 forecast of JPY111 against the U.S. dollar remains unchanged, while Kyocera’s forecast of JPY128 against the euro has been revised to JPY130 , marking depreciation of JPY2 (1.6%).

FORWARD-LOOKING STATEMENTS

Except 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 KYOCERA

Kyocera Corporation (NYSE:KYO; TOKYO:6971; https://global.kyocera.com/), 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 industrial and automotive components, electronic devices, semiconductor packages, solar power generating systems, printers, copiers, and mobile phones. During the year ended March 31, 2017, the company’s consolidated net sales totaled 1.42 trillion yen (approx. USD 12.7 billion). Kyocera appears on the “Top 100 Global Innovators” list by Clarivate Analytics and is ranked #522 on Forbes magazine’s 2017 “Global 2000” listing of the world’s largest publicly traded companies.

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