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Fujifilm Posts Record-High Revenue and Profits for Fiscal Year

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On May 9th, Fujiifilm of Japan announced financial results for its fourth quarter and complete fiscal year, with both ended on March 31, 2024.

In a nutshell, revenue, operating income, and net income reached record highs for the company’s fiscal year. However, results for Fujifilm Business Innovation were flat when compared to the previous fiscal year.

Fourth Quarter

Fuifilm’s fourth-quarter revenue was ¥805.5 billion ($5.17 billion), up 5.3 percent year-over-year; operating income of ¥71.8 billion ($461.11 million), up 1.9 percent year-over-year; and net income of ¥69.7 billion ($447.63 million), was up 6.2 percent year-over-year.

Full Year

As noted, for its complete fiscal year, revenue, operating income and net income for Fujifilm reached record highs. Revenue and operating income increased mainly due to strong sales for the Medical Systems and Imaging businesses, and the impact of exchange rates. Net income increased mainly due to higher operating income and valuation gains on marketable and investment securities.

Full-year revenue was ¥2,960.9 billion ($18.63 billion), up 3.6 percent year-over-year, and was mainly due to strong sales in the Medical Systems and Imaging businesses.

Full-year operating income was ¥276.7 billion ($1.77 billion), up 1.3 percent year-over-year. Net income was ¥243.5 billion ($1.56 billion), up 11.0 percent year-over-year due to higher operating income and valuation gains on marketable and investment securities.

“We are proud to have achieved remarkable milestones in the last fiscal year, with our highest ever sales, operating income, and net income. Our positive results demonstrate our growing earning power,” commented Teiichi Goto, Fujifilm president and CEO. “In line with our new medium-term management plan VISION 2030, we will strengthen Fujifilm Group’s corporate value by prioritizing profitability and capital efficiency in our management approach.”

As stated in Fujifilm’s new medium-term management plan “VISION 2030” announced in April, the company also aims to achieve record-high sales and record-high operating income of for its fiscal year ending March 31, 2025. And, it plans to invest ¥757 billion ($4.86 billion), mainly in its Bio-CDMO and Semiconductor Materials businesses, which is higher than that invested in the previous fiscal year. 

Fujifilm Business Innovation

Fujifilm Business Innovation’s full-year revenue declined by 1.4 percent year-over-year to ¥826.1 billion ($5.30 billion), but operating income increased by 1.8 percent year-over-year to ¥70.8 billion ($454.87 million), due to the effect of worldwide sales price revisions and other favorable factors.

In the Office Solutions segment, revenue decreased as the expansion of new OEMs, worldwide price revisions, and other factors were not enough to offset lower exports of devices and consumables to Europe and the U.S. Of note is that in April of this year, full-scale sales of Fujifilm’s Apeos office MFPs began in Europe through distributors.

In the Business Solutions segment, revenue rose mainly due to the effects of the initial consolidation of Fujifilm MicroChannel and sales digital transformation (DX) solutions. 

Revenue and profit was up for the company’s Medical and Materials businesses, and very strongly up for its Imaging business, driven by strong sales of digital cameras.

Forecast

For its fiscal year that will end on March 31, 2025, Fujiilm’s projected operating income is ¥300.0 billion ($1.92 billion). The company says that, due mainly to structural reform of the production system for small to mid-scale facilities for its Bio CDMO business, company-wide total operating income will decrease in the first half, but higher operating income is forecast for the full year as the company improves profitability in the second half.

Fujiilm is also forecasting revenue of ¥3,100.0 billion ($19.91 billion), a record high and up 4.7 percent year-over-year, and net income of ¥240 billion ($1.54 billion), down 1.4 percent year-over-year. 

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