Nikon released their first quarter financial results

Today Nikon released their financial results for the first quarter of the year ending in March, 2019. The headline from Business Insider is: “Nikon Q1 Profit Climbs, Revenues Down; Lifts FY19 Earnings View” –  here is a quick recap:

  • Profit climbed 83.8% to 16.34 billion yen from 8.89 billion yen last year.
  • Earnings per share were 41.10 yen, up from 22.37 yen a year ago.
  • Operating profit surged 53% to 19 billion yen from last year’s 12.42 billion yen.
  • Revenue is down 2% to 166.91 billion yen from prior year’s 170.32 billion yen.
  • For the 2019 fiscal year, Nikon now expects net profit of 53 billion yen and operating profit of 74 billion yen, higher than the previous estimate of 50 billion yen and 70 billion yen, respectively.

Additional information:

Nikon FY 2019 Q1 results

  • Operating Profit of Q1 was ¥19 billion exceeding our forecast.
  • Operating Profit increased ¥6.6 billion in spite of the year-on-year revenue drop, thanks to the continued shift toward high value added digital cameras and the average price hike of highly profitable FPD lithography systems.
  • About the D850: “While the DSLR market shrinks significantly due to expansion of ML cameras, the
    D850 is still highly evaluated even after a year from its launch: exceeding the sales forecast in all regions and the product mix has been improved.”

Nikon FY 2019 forecast

  • Reflecting Q1, 1H Operating Profit is upgraded to ¥27 billion from ¥25 billion.
  • The annual forecasts of both Operating Profit and Profit attributable to owners of the parent are upgraded to ¥74 billion from ¥70 billion (+32% YoY), and to ¥53 billion from ¥50 billion (+53% YoY) respectively.
  • Profit structure strengthening including fixed cost reduction improved ROE to approximately 9%.
  • ¥54 (+¥18 YoY) for annual dividend, ¥27 for interim dividend.
  • Outlook for imaging products: full-frame mirrorless camera (featuring a new mount) and exclusive lenses will be launched to continue the profit upward trend three fiscal years in a row and on.

Additional information: Revision of the Dividend Forecast | full set of financial results.

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