The foregoing statements regarding future results reflect the Company's expectations based on information available at the time of announcement. The information contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, the competitive environment, market trends, general economic conditions, technological changes, exchange rate fluctuations and our ability to continue to timely introduce new products and services.
Note regarding business profit
Business profit is calculated by deducting cost of sales and SGA expenses from revenue.
Although not defined in the statement of consolidated comprehensive income, this indicator is very similar to the concept of operating income under J-GAAP. Epson will present this information as a reference, as the Company believes users of financial statements will find it useful when evaluating Epson's financial performance.
Numerical values presented herein
Numbers are rounded down to the unit indicated. Percentages are rounded off to one decimal place. Years mentioned in these materials are fiscal years unless otherwise indicated.
¥314.8B in revenue (increase), ¥15.5B in business profit (decrease)
Revenue and profit increased in printing solutions and visual communications due to the easing of supply constraints and foreign exchange effects.
Revenue and profit decreased in manufacturing-related and wearables mainly due unit volume decreases caused by inventory adjustments in the microdevices market.
FY2023 full-year outlook (vs. previous outlook of 4/28)
¥1,380B in revenue (revised upward), ¥100B in business profit (no change)
The outlook reflects lower-than-expected demand due to inflation and other factors resulting in hesitancy to buy and invest, as well as the slow pace of inventory adjustments in the microdevices market.
Spend on priorities and emphasize profitability.
Positive foreign exchange effects due to the weak yen were also factored into the outlook.
This is a summary of the key points in today's presentation.
First quarter revenue increased compared to the same period last year, while business profit decreased.
Whereas revenue and profit in printing solutions and visual communications increased due to the easing of supply constraints and foreign exchange effects, revenue and profit in manufacturing-related and wearables decreased because unit volume fell due to inventory adjustments in the microdevices market.
We have revised the 2023 fiscal full-year financial outlook based on changes in our assumptions about the business environment. Demand will be lower than initially expected due to inflation and other factors that are causing hesitancy to buy and invest.
Inventory adjustments are taking longer than expected in the microdevices market, and the outlook also reflects this.
We are reiterating the original business profit outlook of
¥100 billion. We expect to reach it through an emphasis on profitability, spending on priorities, and the positive foreign exchange effects due to the weak yen.
Seiko Epson Corporation published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 08:04:02 UTC.
Seiko Epson Corporation specializes in the design, manufacturing and marketing of printing, visual communication and watchmaking equipment and systems, and industrial devices. Net sales break down by family of products as follows:
- printing equipment (71%): printers, scanners, copiers, digital presses, fax machines, ticket printers, labellers, etc. for businesses and individuals. The group also offers consumables (ink cartridges, toners, ribbons, etc.);
- visual communication systems (14.2%): multimedia projectors, smart glasses, LCD displays, etc. ;
- watches and industrial products (14.1%): electronic and mechanical watches, wristwatches, chronometers, optoelectronic devices, precision machine tools, robotic systems, mechatronic products, micro-devices, etc.
- other (0.7%).
At the end of March 2021, Seiko Epson operated 27 production sites worldwide.
Net sales are distributed geographically as follows: Japan (22.3%), the United States (21%), China (14.5%) and other (42.2%).
SEIKO EPSON CORPORATION 
