Narrow-Moat Murata Manufacturing Cuts Earnings Forecast, but No Change to Its Contents Growth Story
Murata Manufacturing reported JPY 59.8 billion operating profit for the second quarter (ended September 2016), 32% below the year-ago number. While this did not reach the market expectation of JPY 64 billion-JPY 65 billion, it is closer to our forecast of JPY 62 billion. The company concurrently cut full-year operation profit guidance of JPY 240 billion-JPY 200 billion, which is broadly in line with our forecast of JPY 210 billion. Despite the headwinds of U.S. dollar depreciation and the slowd...Murata Manufacturing is mainly engaged in the development, manufacture and sale of electronic components and modules in Japan, North America and certain other Asian and European countries. Co.'s products are sold mainly to electronics companies for use as components in telecommunication, computer, audio, video, automotive electronics and other electronic products. Co. is engaged in the development, manufacture and sale of electronic parts and related products, including components for capacitors and piezoelectric products, as well as modules products; the provision of welfare services, personnel services, education and training services, as well as the leasing and management of real estate.
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