Fujifilm Holdings (4901) FY17 Q1 Results Meeting – Cameras Push Earnings Ahead of Guidance
Key Points
- Fujifilm explained at its earnings meeting that the Imaging and Information Segments combined beat its guidance thanks to strong momentum for cameras but made no changes to its guidance.
- Documents (Fuji Xerox) again appeared to disappoint, although management noted that Q1 results were only slightly below internal targets. Management appears confident that conditions will improve by H2, boosted in part by its supply of more than ten new office product models this year to the newly reorganized Xerox Corp (XRX US).
- Fujifilm intends to announce a new medium-term plan on August 30th. Management declined to provide details today (Aug 14th), but did confirm in Q&A that the profitability of both Fuji Xerox and its pharmaceuticals business would naturally be relevant issues.
- Fujifilm has been recalculating its accounts since issues surfaced in April over Fuji Xerox’s accounting practices in New Zealand. Based upon the restated data presented at the earnings meeting, revised quarterly data from FY15 is available upon request.
FUJIFILM Holdings is a holding company engaged in the manufacture and sale of imaging information products. Co.'s principal businesses are divided into three segments: imagining solution, information solution and document solution. Co.'s principal products and services are color films, digital cameras "FinePix," photofinishing equipment, color paper, as well as chemicals and services for photofinishing; equipment and materials for medical systems and life sciences, equipment and materials for graphic arts, flat panel display materials, recording media and optical devices; office copy machines/MFPs, printers, as well as production systems and services.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
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