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Kyocera cuts profit and sales targets Tokyo’s Kyocera Corp. on Friday cut its first-half profit target 41 percent, citing weak sales of Cell phones and multifunction copiers.
U.S.-traded Kyocera shares fell $4.57, or nearly 7 percent, to close at $64.68 on the New York Stock Exchange.
The maker of electronics components said it expects net income in the first half, ended Sept. 30, of 13 billion yen ($112.7 million), and sales of about 520 billion yen ($4.5 billion). The company had previously forecast earnings of 22 billion yen, on sales of 550 billion yen.
Kyocera still expects to meet its earnings target for the fiscal year ending March 2004, and said it expects strong fiscal second-half sales. For the full year, the company expects a profit of 52 billion yen on sales of 1.14 trillion yen, up from a profit of 41.2 billion yen on sales of 1.07 trillion yen in its fiscal year, ended March 2003.
Kyocera also said it plans to restructure its crystal components-related business in April 2004. The company plans to transfer production of crystal oscillators used in mobile phones to Kinseki Ltd., which became a fully owned Kyocera unit last month.
There will be no change in the corporate name, content of the business, location of headquarters, amount of capital or reporting schedule because of the restructuring, the company said.
Kyocera also said the reorganization would not affect its earnings in the current fiscal year.
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