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Nikon (NINOY) Revenues Increase Y/Y in Q4, Outlook Upbeat

Zacks Equity Research
·5-min read

Nikon Corporation NINOY reported a net profit of ¥42.6 billion for the year ended Mar 31, 2022, against the year-ago loss of ¥34.4 billion a year ago.

For the year ended Mar 31, 2022, revenues rose 19.6% year over year to ¥539.6 billion. In fourth quarter, revenues increased 6.6% to ¥133.3 billion from the year-ago quarter.

Segment Details

The Imaging Products (31.7% of revenues) segment’s revenues rose 26% year over year to ¥42.2 billion in the reported quarter.

In the year, sales in the segment were up 19% to ¥178.2 billion, driven by favorable foreign-exchange impacts and increased ASP, driven by the shift to models for pro/hobbyists.

Precision Equipment’s (36.3% of revenues) revenues declined 11% from the year-ago quarter to ¥48.3 billion.

In the year, sales in the segment grew 14.3% to ¥211.2 billion, driven by strength in service business due to the high utilization of install base at customers.

Healthcare (15% of revenues) revenues remained flat from the year-ago quarter to ¥20 billion.

In the year, sales in the segment were up 16.5% to ¥73.2 billion, driven by high revenues in all three sub-segments — biological microscopes, retinal diagnostic imaging systems, and Contract Cell Manufacturing.

Components’ (7.7% of revenues) revenues increased 34.3% from the year-ago quarter to ¥10.2 billion.

In the year, sales in the segment rose 58.5% to ¥40.8 billion, driven by growth in EUV-related components, optical parts for semiconductor-related products, optical components, encoders for industrial robot and photomask substrates for FPD.

Industrial Metrology and Others’ (9.3% of revenues) revenues jumped 33% year over year to ¥12.5 billion.

In the year, sales in the segment were up 30.6% to ¥36 billion, driven by increased sales of industrial microscopes, image metrology systems, X-ray and CT inspection systems, and non-contact metrology systems.

Operating Details

In fourth-quarter 2022, Nikon reported an operating income of ¥3 billion against the year-ago quarter’s operating loss of ¥ 19.5 billion.

The Imaging Products segment’s operating income was ¥0.2 billion against an operating loss of ¥7.7 billion in the year-ago quarter.

Precision Equipment’s operating income was ¥6.2 billion against an operating loss of ¥4.7 billion in the year-ago quarter.

The Healthcare business’ operating income was ¥1.5 billion against an operating loss of ¥1.4 billion in the year-ago quarter.

Components’ operating income was ¥2.6 billion compared with an operating loss of ¥0.2 billion in the year-ago quarter.

The Industrial Metrology and Others segment’s operating income was ¥2.8 billion against an operating loss of ¥0.9 billion in the year-ago quarter.

Balance Sheet

As of Mar 31, 2022, cash and cash equivalents were ¥ 370.3 billion compared with ¥367.36 billion as of Dec 31, 2021.

Long-term bonds and borrowings were ¥92.72 billion as of Mar 31, 2022, compared with ¥105.1 billion as of Dec 31, 2021.

Guidance

For the year ending on Mar 31, 2023, revenues are projected to be ¥620 billion, suggesting a rise of ¥80 billion from the previous year’s reported figure.

Imaging Products’ revenues are expected to rise 17.8% year over year to ¥210 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 2.6% to ¥37 billion.

Operating profit is estimated to be ¥50 billion. Earnings for the fiscal year are projected to be ¥103.47 per share.

Zacks Rank & Other Stocks to Consider

Nikon currently sports a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks from the broader technology space are InterDigital IDCC, Vishay Intertechnology VSH and Pure Storage PSTG. InterDigital, Vishay Intertechnology currently sport a Zacks Ranks #1 and Pure Storage carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for InterDigital’s 2022 earnings is pegged at $3.28 per share, increasing 5.2% 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 141.13%. Shares of IDCC have declined 13.6% in the past year.

The Zacks Consensus Estimate for Vishay Intertechnology’s 2022 earnings is pegged at $2.68 per share, rising 10.3% in the past 60 days. The long-term earnings growth rate is anticipated to be 22.7%.

Vishay Intertechnology’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 4.96%. Shares of VSH have declined 15.5% in the past year.

The Zacks Consensus Estimate for Pure Storage’s fiscal 2023 earnings is pegged at 86 cents per share, unchanged in the past 60 days. The long-term earnings growth rate is anticipated to be 30.9%.

Pure Storage’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 99.2%. Shares of PSTG have gained 45.4% in the past year.


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