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Nikon (NINOY) Q1 Earnings Down Y/Y, Outlook Upbeat

Zacks Equity Research
·4-min read

Nikon Corporation NINOY reported a net profit of ¥11.8 billion for the year ended Jun 30, 2022, compared with the year-ago profit of ¥15.8 billion.

For the year ended Jun 30, 2022, revenues rose 10.1% year over year to ¥145.6 billion.

Segment Details

The Imaging Products (42% of revenues) segment’s revenues rose 22.4% year over year to ¥61.2 billion in the reported quarter, owing to higher average unit selling prices and yen depreciation partly offset by shortage of semiconductors due to supply-chain constraints.

Precision Equipment’s (28.4% of revenues) revenues declined 20.1% from the year-ago quarter to ¥41.4 billion. The downtick was mainly caused by decreased sales of flat panel display (FPD) lithography systems.

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Healthcare (14.9% of revenues) revenues rose 37.3% year over year to ¥21.7 billion in the reported quarter, owing to robust demand for biological microscopes and retinal diagnostic imaging systems; and weaker yen.

Components’ (8.9% of revenues) revenues increased 67.5% from the year-ago quarter to ¥12.9 billion. The uptick was mainly caused by high sales growth of EUV-related components.

Industrial Metrology and Others’ (5.6% of revenues) revenues jumped 20.9% year over year to ¥8.1 billion. The uptick was mainly caused by high sales growth of metrology equipment.

Operating Details

In first-quarter ended Jun 30, 2022, Nikon reported an operating income of ¥15.3 billion compared with the year-ago quarter’s operating income of ¥ 19.9 billion.

The Imaging Products segment’s operating profit was ¥13.6 billion compared with the operating profit of ¥9.2 billion in the year-ago quarter.

Precision Equipment’s operating profit was ¥4 billion compared with the operating profit of ¥13.4 billion in the year-ago quarter.

The Healthcare business’ operating profit was ¥0.8 billion compared with the operating profit of ¥0.4 billion in the year-ago quarter.

The Components’ operating profit was ¥5.4 billion compared with the operating profit of ¥2.1 billion in the year-ago quarter.

The Industrial Metrology and Others segment’s operating profit was ¥0.6 billion against an operating loss of ¥1 billion in the year-ago quarter.

Balance Sheet

As of Jun 30, 2022, cash and cash equivalents was ¥ 367.4 billion compared with ¥ 370.3 billion as of Mar 31, 2022.

Long-term bonds and borrowings were ¥95.84 billion as of Jun 30, 2022, compared with ¥92.72 billion as of Mar 31, 2022.

Guidance

For the year ending on Mar 31, 2023, revenues are projected to be ¥625 billion compared with the earlier guidance of ¥620 billion, suggesting a rise of ¥85.4 billion from the previous year’s reported figure.

Imaging Products’ revenues are expected to rise 20.7% year over year to ¥215 billion. Precision Equipment’s revenues are anticipated to increase 13.6% to ¥240 billion. Healthcare revenues are expected to rise 9.2% to ¥80 billion.

Components’ revenues are expected to jump 29.7% year over year to ¥53 billion. Industrial Metrology and Others’ revenues are expected to increase 2.8% to ¥37 billion.

Operating profit is estimated to be ¥55 billion. Earnings for the fiscal year are projected to be ¥114.78 per share compared with the earlier forecast of ¥103.47 per share.

Zacks Rank & Other Stocks to Consider

Nikon currently sports a Zacks Rank #2 (Buy).

Some other top-ranked stocks from the broader technology space are Badger Meter BMI, InterDigital IDCC and Cadence Design Systems CDNS. Cadence Design Systems and  Badger Meter sport a Zacks Rank #1 (Strong Buy) whereas InterDigital carries a Zacks Rank #2.You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for CDNS 2022 earnings is pegged at $4.11 per share, rising 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.

Cadence’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have jumped 20.4% in the past year.

The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 7% in the past 60 days.

Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 3.1% of their value in the past year.

The Zacks Consensus Estimate for InterDigital’s 2022 earnings is pegged at $2.76 per share, declining 15.9% in the past 60 days. The long-term earnings growth rate is anticipated to be 15%.

InterDigital’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 141.1%. Shares of IDCC have declined 9% in the past year.


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