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Fujifilm Reports Record Revenue and Operating Income Increases

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Fujifilm of Japan today released financial results for its fiscal third quarter and nine-month period, with both ending on December 31, 2022.

For the nine months, revenue increased mainly due to growth in Fujifilm’s Medical Systems, Electronic Materials, and Imaging businesses, and also due to favorable exchange rates. Operating income reached a record high as higher revenue boosted profits, despite the impact of surging energy and raw material costs. Net income declined year-over-year due to the absence of valuation gains on marketable and investment securities recorded in the previous fiscal year.

Revenue and operating income also hit record highs for the third quarter. The Fujifilm Business Innovation group also did well in both periods.

Third Quarter

Third-Quarter net revenue was ¥744.32 billion ($5.67 billion), up 13.5 percent year-over-year, and operating income was ¥81.82 billion ($623.3 million), up 4.1 percent year-over-year.

Third-quarter revenue for the Fujifilm Business Innovation business was ¥215.65 billion ($1.64 billion), up 17.7 percent year-over-year, and operating income was ¥17.7 billion ($134.91 million), up 9.0 percent year-over-year. The Fujifilm Business Innovation business provides office printers and MFPs, and related consumables and services,

Nine-Month Period

For the three quarters that ended on December 31, 2022, Fujifilm reported net revenue of ¥2.09 trillion ($15.92 billion), up 12.5 percent year-over-year; operating income of ¥202.63 billion ($1.54 billion), up 8.6 percent year-over-year; and net income of ¥153.73 billion ($1.17 billion), down 2.1 percent year-over-year.

Revenue was up year-over-year for all of Fujifilm’s business groups, which consists of Healthcare, Materials, Imaging, and Business Innovation.

Revenue for Fujifilm Business Innovation was ¥614.1 billion ($4.68 billion), up 10.3  percent year-over-year. Operating income was ¥47.8 billion ($364.33 million), up 14.2 percent year-over-year. Operating income was also up for Fujifilm’s Materials and Imaging businesses, but down 19.5 percent year-over-year for its Healthcare business.

For its Business Innovation business, revenue was boosted by such factors as higher sales of MFPs and printers  and consumables in Japan, as well as by increased exports to the U.S. and Europe. The business also benefited from an upturn in sales of consumables in Southeast Asia, and the favorable impact of exchange rates

Forecast

For its fiscal year that will end on March 31, 2023, Fujifilm maintained its forecast. It’s forecasting net revenue of ¥2.8 trillion ($21.33 billion), up 10.9 percent year-over-year; operating income of ¥260 billion ($1.98 billion), a record high, and up 13.2 percent year-over-year; and net income of ¥200 billion ($1.52 billion), down 5.2 percent year-over-year.

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