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Fujifilm Reports Record Revenue and Profit for Second Quarter, Strong First Half Results

by · November 9, 2023

On November 8th, Fujifilm Corporation of Japan announced financial results for its second quarter and first half of its fiscal year, with both ending on September 30th.

It was overall excellent news for the company, with record highs for its second quarter and a strong first half. For its Fujifilm Business Innovation business (previously known as Fuji Xerox), the results were not quite as spectacular, but were still overall good.

Second Quarter

For its second quarter, Fujifilm reported its highest-ever revenue, operating income, and net income.

Revenue was ¥727.7 billion ($4.82 billion), up 0.5 percent year-over-year; operating income was ¥73.3 billion ($485.72 million), up 2.9 percent year-over-year; and net income was ¥59.2 billion ($392.31 million), up 9.9 percent year-over-year. 

For Fujifilm’s Business Innovation business, revenue was ¥207.3 billion ($1.37 billion), down 1.4 percent year-over-year, and operating income was ¥16.1 billion ($106.69 million), up 1.4 percent year-over-year.

Within Business Innovation, revenue for the Office Solutions segement (office printers and multifunction printers) was down 4.9 percent year-over-year. Revenue for the Business Solutions segment (primarily digital-transformation solutions) was up 5.4 percent year-over-year.

First Half

Revenue for Fujifilm’s first half was ¥1.38 trillion ($9.144 billion), up 2.9 percent year-over-year; operating income was ¥125.5 billion ($831.68 million), up 3.9 percent year-over-year; and net income was ¥113.6 billion ($752.77 million), up 19.3 percent year-over-year.

Fujifilm’s Business Innovation had revenue of ¥401.5 billion ($2.66 billion), up 0.8 percent year-over-year, and operating income of ¥33.0 billion ($218.67 million), up 9.6 percent year-over-year.

For Business Innovation’s Office Solutions segment, revenue declined as expansion of new OEM partnerships, plus price adjustments, were not enough to offset lower exports to Europe and the U.S. Revenue was ¥257.1 billion ($1.70 billion), down 3.7 percent year-over-year.

For Business Innovations’ Business Solutions segment, revenue was ¥144.4 billion ($957.05 million), up 9.8 percent year-over-year, due to higher sales of digital-transformation (DX) solutions. 

Forecast

Fujilm did not change its full-year forecast.

For its fiscal year that will end on March 31, 2024, the company is forecasting revenue of ¥2.95 trillion ($19.55 billion), up 3.2 percent year-over-year; operating income of ¥290.0 billion ($1.92 billion), up 6.2 percent year-over-year; and net income of ¥225.0 billion ($1.49 billion), up 2.5 percent year-over-year

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