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    6981   JP3914400001

MURATA MANUFACTURING CO., LTD

(6981)
  Report
Delayed Japan Exchange  -  01:00 2022-12-02 am EST
7460.00 JPY   -1.61%
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Murata Manufacturing : First Quarter of FY2022(Speech text)

08/09/2022 | 03:36am EST

Earnings Release Conference First Quarter of FY2022

(April 1, 2022 to June 30, 2022)

July 28, 2022

Murata Manufacturing Co., Ltd.

1 Copyright © Murata Manufacturing Co., Ltd. All rights reserved.

1

Topics

  • Net sales remained almost unchanged year on year. While sales of multilayer ceramic capacitors increased for mobility partly due to a boost from the depreciation of the yen, sales of SAW filters and high-frequency modules decreased for smartphones. Net sales ended in line with the assumption of the April forecast.
  • Operating income decreased year on year. Operating income fell mainly due to a loss in productivity from lower capacity utilization, an increase in fixed costs and surges in material prices despite a profit-increasing effect resulting from the depreciation of the yen.
  • The Company has not revised the projected financial results for the year ending March 31, 2023, which were announced on April 28, 2022.

Copyright © Murata Manufacturing Co., Ltd. All rights reserved.

2

Thank you very much for your continued guidance and support of our IR activities. I would like to take this opportunity to express my gratitude once again.

Let me begin by explaining Q1 results.

Here are the topics for the financial results in Q1 of FY2022.

Net sales remained almost unchanged YoY. While net sales have benefited from the weaker yen, they have ended in line with the April forecast.

Operating income decreased YoY. Operating income decreased due to soaring material costs and other factors, despite an increase in profit due to the weaker yen.

I will explain the factors behind the increase or decrease in profits later. The projected financial results for FY2022 has not been revised from that announced in April. Accordingly, the dividend forecast remains unchanged.

2

First Quarter of FY2022

From April 1, 2022 to June 30, 2022 Consolidated Basis

3 Copyright © Murata Manufacturing Co., Ltd. All rights reserved.

3

Financial Results

Quarterly Financial Results

(B JPY)

Operating income

Income before income taxes

(B JPY)

Net income attributable to Murata Corporation

Sales

140.0

600.0

INCOME

120.0

500.0

SALES

100.0

400.0

80.0

300.0

60.0

200.0

40.0

20.0

100.0

0.0

0.0

FY19

FY20

FY21

FY22

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

Copyright © Murata Manufacturing Co., Ltd. All rights reserved.

4

This is a graph of our performance trend. I will explain this in detail on the following pages.

4

Financial Results

Financial Results Overview

FY2021

FY2021

FY2022

Y on Y Change

Q on Q Change

1st Quarter

4th Quarter

1st Quarter

(B JPY)

(%)

(B JPY)

(%)

(B JPY)

(%)

(B JPY)

(%)

(B JPY)

(%)

Net sales

439.6

100.0

433.1

100.0

436.7

100.0

(2.9)

(0.7)

+3.6

+0.8

Operating income

105.1

23.9

88.0

20.3

88.6

20.3

(16.5)

(15.7)

+0.6

+0.7

Income before income

103.7

23.6

89.8

20.7

101.2

23.2

(2.5)

(2.4)

+11.4

+12.7

taxes

Net income attributable

77.2

17.6

63.7

14.7

75.2

17.2

(2.0)

(2.6)

+11.5

+18.1

to Murata Corporation

Average exchange rates

109.49

116.21

129.57

yen/US dollar

Net sales remained almost unchanged year on year. While sales of multilayer ceramic capacitors increased for mobility partly due to a boost from the depreciation of the yen, sales of SAW filters and high-frequency modules decreased for smartphones.

Operating income decreased year on year. Operating income fell mainly due to a loss in productivity from lower capacity utilization, an increase in fixed costs and surges in material prices despite a profit-increasing effect resulting from the depreciation of the yen.

The reason why income before income taxes grew significantly compared with the last quarter is an increase in foreign exchange gains caused by the depreciation of the yen.

Note: 1 yen appreciation or depreciation against the U.S. dollar for FY2022 is estimated to have an annualized impact of 11.0 billion yen on net sales, and 6.0 billion yen on operating income.

Copyright © Murata Manufacturing Co., Ltd. All rights reserved.

5

This is an overview of our financial results.

Net sales remained almost unchanged YoY and QoQ, although there were some foreign exchange effects.

Operating income fell 15.7% YoY but remained almost unchanged QoQ.

The difference between operating income and income before income taxes is large in this quarter. The reason for this is that foreign exchange gains of JPY12 billion were posted as non-operating income during this quarter. This is mainly due to foreign exchange gains on dollar-denominated deposits and other investment assets.

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 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 07:35:00 UTC.


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Sales 2023 1 859 B 13 338 M 13 338 M
Net income 2023 309 B 2 218 M 2 218 M
Net cash 2023 529 B 3 798 M 3 798 M
P/E ratio 2023 15,4x
Yield 2023 2,01%
Capitalization 4 700 B 33 729 M 33 729 M
EV / Sales 2023 2,24x
EV / Sales 2024 2,05x
Nbr of Employees 76 711
Free-Float 92,0%
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Technical analysis trends MURATA MANUFACTURING CO., LTD
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 7 464,00 JPY
Average target price 9 217,65 JPY
Spread / Average Target 23,5%
EPS Revisions
Managers and Directors
Norio Nakajima President & Representative Director
Masanori Minamide Manager-Finance, Accounting & Planning Group
Tsuneo Murata Chairman
Hiroshi Iwatsubo Director & Managing Executive Officer
Nagato Omori Head-Technology Development & Business Planning
Sector and Competitors