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    6981   JP3914400001

MURATA MANUFACTURING CO., LTD

(6981)
  Report
Delayed Japan Exchange  -  02:00 2022-09-30 am EDT
6632.00 JPY   -2.66%
09/29MURATA MANUFACTURING CO., LTD : Ex-dividend day for interim dividend
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09/28UBS Adjusts Murata Manufacturing's Price Target to 10,000 Yen From 10,500 Yen, Keeps at Buy
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09/27Tranche Update on Murata Manufacturing Co., Ltd.'s Equity Buyback Plan announced on April 28, 2022.
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Murata Manufacturing : First Quarter of FY2022

07/28/2022 | 02:18am EDT

Consolidated Financial Data (Unaudited) [In accordance with US GAAP]

Murata Manufacturing Co., Ltd. and Subsidiaries

Consolidated Financial Flash Report (June 30, 2022)

Date: July 28, 2022

Company Name

: Murata Manufacturing Co., Ltd.

Stock Exchange Listings:

Listing Code

: 6981

Tokyo Stock Exchange

(URL https://corporate.murata.com)

Stock Exchange of Singapore

Phone

: (075) 955-6525

The date of payout of dividends

: -

1. Consolidated financial results for the three months ended June 30, 2022

(1) Operating results

Net sales

Operating income

Income before

Net income attributable to

income taxes

Murata Corporation

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Three months ended June 30, 2022

436,657

(0.7)

88,613

(15.7)

101,204

(2.4)

75,201

(2.6)

Three months ended June 30, 2021

439,557

34.5

105,069

104.7

103,710

92.3

77,218

95.1

Comprehensive income attributable to Murata Corporation: 152,059 million yen for the three months ended June 30, 2022 and 82,418 million yen for the three months ended June 30, 2021.

Basic earnings attributable

Diluted earnings attributable

to Murata Corporation

to Murata Corporation

per share

per share

Yen

Yen

Three months ended June 30, 2022

118.03

-

Three months ended June 30, 2021

120.69

-

* Percentage represents year-on-year changes.

(2) Financial position

Total assets

Shareholders'

Shareholders'

Shareholders' equity

equity

equity ratio

per share

Millions of yen

Millions of yen

%

Yen

At June 30, 2022

2,850,239

2,327,345

81.7

3,668.03

At March 31, 2022

2,809,171

2,263,596

80.6

3,537.80

2. Dividends (Year ended March 31, 2022 and the year ending March 31, 2023)

Cash dividends per share

First Quarter

Second Quarter

Third Quarter

Year-end

Total

Yen

Yen

Yen

Yen

Yen

2022

-

60.00

-

70.00

130.00

2023

-

-

2023 (Projected)

75.00

-

75.00

150.00

* No change in the projected dividends during the three months ended June 30, 2022.

3. Projected financial results for the six months ending September 30, 2022 and the year ending March 31, 2023 (Consolidated basis)

Income before

Net income attributable to

Basic earnings attributable to

Net sales

Operating income

Murata Corporation

income taxes

Murata Corporation

per share

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Six months ending September 30, 2022

952,000

4.8

209,000

(5.9)

210,000

(7.8)

154,000

(8.2)

242.71

Year ending March 31, 2023

1,930,000

6.5

440,000

3.8

442,000

2.1

324,000

3.1

510.64

  • No change in the projected financial results during the three months ended June 30, 2022.
  • Among the purchase of treasury stock resolved at Board of Directors Meeting held on April 28, 2022, the effect of the purchase after June 1, 2022 is not included in the calculation of "Basic earnings attributable to Murata Corporation per share".
  • Percentage represents year-on-year changes.

4. Notes

  1. Changes in significant subsidiaries during the three months ended June 30, 2022 (changes in specific subsidiaries that caused change in scope of consolidation): None
  2. Adoption of simplified and specifically applied accounting methods

Murata Manufacturing Co., Ltd. and Subsidiaries (the "Companies") adopted accounting methods specifically applied for quarterly consolidated financial reporting.

(3) Changes in accounting policy

Changes due to adoption of new accounting standard: None

Changes due to reasons other than above: None

(4) Number of common shares outstanding

Number of shares outstanding, including treasury stock: 675,814,281 shares at June 30, 2022 and at March 31, 2022

Number of treasury stock: 41,320,086 shares at June 30, 2022 and 35,982,533 shares at March 31, 2022

Average number of shares outstanding: 637,142,584 shares for the three months ended June 30, 2022 and 639,813,491 shares for the three months ended June 30, 2021

*Notes to the projected financial results

The above projections were prepared based on estimates using information currently available.

Actual results may differ from the projections. For assumptions and other information regarding the projections, refer to "Business Results and Financial Position".

1

Business Results and Financial Position (from April 1, 2022 through June 30, 2022)

1. Business Results

Regarding the global economic environment for the period under review, the U.S. economy remained firm on the back of robust employment and consumption. However, the U.S. Federal Reserve Board (FRB) started hiking interest rates rapidly, which raised concern over an economic slowdown down the road. China saw the economic situation worsen due to lockdowns imposed by its zero-COVID policy. In Europe, the economic recovery is losing momentum as rising prices, caused by the Ukraine crisis, weigh down its economy. In Japan, while there are signs of a recovery in consumer spending, the rapid depreciation of the yen is ongoing primarily due to the negative interest rate policy of the Bank of Japan and the widening trade deficit resulting from higher prices of natural resources.

In the electronics market in which Murata Manufacturing Co., Ltd. and subsidiaries (hereinafter referred to as the Companies) operate, demand for components decreased due to a decrease in the production volume of smartphones and PCs due to the impact of lockdowns imposed in China. In regard to demand for mobility, the shipment quantity of components fell due to a decrease in production volumes of automobiles, caused primarily by prolonged shortages of semiconductors and the impact of lockdowns in China.

In these circumstances, regarding net sales for the period under review, whereas sales of multilayer ceramic capacitors (MLCCs), the main product category, increased due in part to currency fluctuations (the yen depreciated by 20.8 yen year on year), sales of SAW filters and high-frequency modules plunged for smartphones. As a result, net sales in the three months ended June 30, 2022 decreased by 0.7% year-on-year to 436,657 million yen.

Looking at profits, operating income was 88,613 million yen, down 15.7% year-on-year, income before taxes was 101,204 million yen, down 2.4% year-on-year, and net income attributable to Murata Corporation was 75,201 million yen, down 2.6% year-on-year. This was due to profit-decreasing factors, such as a decreased operation rate and an increase in fixed costs, despite the profit-increasing factor of the weaker yen.

Millions of yen

Three months ended

Three months ended

Change

June 30, 2021

June 30, 2022

%*

%*

%

Net sales

439,557

100.0

436,657

100.0

(2,900)

(0.7)

Operating income

105,069

23.9

88,613

20.3

(16,456)

(15.7)

Income before income taxes

103,710

23.6

101,204

23.2

(2,506)

(2.4)

Net income attributable to

77,218

17.6

75,201

17.2

(2,017)

(2.6)

Murata Corporation

Average exchange rate (Yen/U.S. dollar)

109.49

-

129.57

-

20.08

-

*Component ratio as a percentage of net sales

2

Sales by Operating Segments

Net sales by Operating Segments for the period under review were as follows.

Please note that operating segments and classifications of sales in the operating segments have been changed since the period under review. Please refer to page 7 for details. To compare with the previous consolidated fiscal year below, the amounts for the period under review are analyzed and compared with those of the same period a year earlier after reclassifying the latter into classifications of sales after change.

Millions of yen

Three months ended

Three months ended

Change

June 30, 2021

June 30, 2022

%*

%*

%

Capacitors

190,027

43.2

202,143

46.3

12,116

6.4

Inductors and EMI filters

49,312

11.2

46,882

10.7

(2,430)

(4.9)

Components

239,339

54.4

249,025

57.0

9,686

4.0

High-Frequency Device and

128,294

29.2

108,396

24.8

(19,898)

(15.5)

Communications Module

Battery and Power supply

42,607

9.7

51,276

11.8

8,669

20.3

Functional Device

26,688

6.1

24,813

5.7

(1,875)

(7.0)

Devices and Modules

197,589

45.0

184,485

42.3

(13,104)

(6.6)

Others

2,629

0.6

3,147

0.7

518

19.7

Net sales

439,557

100.0

436,657

100.0

(2,900)

(0.7)

*Component ratio as a percentage of net sales

Sales of Components for the period under review increased by 4.0% year-on-year to 249,025 million yen.

Capacitors

The Capacitors category includes MLCCs.

For the period under review, sales of MLCCs increased not only for mobility but also for base stations and wearable devices due in part to currency fluctuations leading to the depreciation of the yen.

As a result, overall net sales increased by 6.4% year-on-year to 202,143 million yen.

Inductors and EMI Filters

The Inductors and EMI filters category includes Inductors, EMI Suppression Filters.

For the period under review, sales of inductors and EMI suppression filters increased for mobility. However, sales of inductors decreased for computers.

As a result, overall net sales decreased by 4.9% year-on-year to 46,882 million yen.

Sales of Devices and Modules for the period under review decreased by 6.6% year-on-year to 184,485 million yen.

3

High-Frequency Device and Communications Module

The High-Frequency Device and Communications Module category includes Connectivity modules, High-frequency modules, SAW filters, Multilayer resin substrates.

For the period under review, sales of SAW filters and high-frequency modules plummeted for smartphones due to a decrease in production volumes of smartphones mainly due to the lockdowns in China.

As a result, overall net sales decreased by 15.5% year-on-year to 108,396 million yen.

Battery and Power supply

The Battery and Power supply category includes Lithium-ion secondary batteries, Power supplies modules.

For the period under review, sales of lithium-ion secondary batteries increased significantly for power tools.

As a result, overall net sales increased by 20.3% year-on-year to 51,276 million yen.

Functional Device

The Functional Device category includes Sensors, Timing devices (Resonators). For the period under review, sales of sensors increased for computers and mobility. As a result, overall net sales decreased by 7.0% year-on-year to 24,813 million yen.

Sales by Application Category

Net sales by Application Category for the period under review were as follows.

Please note that classifications of sales by application category have been changed since the period under review. Please refer to page 7 for details. To compare with the previous consolidated fiscal year below, the amounts for the period under review are analyzed and compared with those of the same period a year earlier after reclassifying the latter into classifications of sales after change.

Millions of yen

Three months ended

Three months ended

Change

June 30, 2021

June 30, 2022

%

%

%

Communication

185,656

42.2

169,184

38.7

(16,472)

(8.9)

Mobility

82,734

18.8

91,908

21.0

9,174

11.1

Computers

74,636

17.0

68,160

15.6

(6,476)

(8.7)

Home Electronics

44,156

10.1

51,335

11.8

7,179

16.3

Industry and Others

52,375

11.9

56,070

12.9

3,695

7.1

Net sales

439,557

100.0

436,657

100.0

(2,900)

(0.7)

*Based on our estimate

4

Communication

For the period under review, although sales of MLCCs rose for base stations, sales of SAW filters and high-frequency modules fell considerably owing to a drop in production volumes of smartphones, caused mainly by lockdowns in China.

As a result, overall net sales decreased by 8.9% year-on-year to 169,184 million yen.

Mobility

For the period under review, sales of MLCCs and EMI suppression filters increased partly due to currency fluctuations leading to the depreciation of the yen.

As a result, overall net sales increased by 11.1% year-on-year to 91,908 million yen.

Computers

For the period under review, sales of MLCCs increased for servers. However, sales of inductors and MLCCs decreased for PCs.

As a result, overall net sales decreased by 8.7% year-on-year to 68,160 million yen.

Home Electronics

For the period under review, sales of lithium-ion secondary batteries for power tools increased significantly.

As a result, overall net sales increased by 16.3% year-on-year to 51,335 million yen.

Industry and Others

For the period under review, sales of MLCCs for distributors and Industrial equipment increased. As a result, overall net sales increased by 7.1% year-on-year to 56,070 million yen.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Murata Manufacturing Co. Ltd. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 06:17:04 UTC.


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