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Stellar Financial Results for Fujifilm; Continues Business Innovation Expansion

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Fujifilm of Japan today released results for its fourth quarter and fiscal year, with both ending on March 31, 2023. In a nutshell, results were outstanding for both periods, including for the company’s Fujifilm Business Innovation business.

Full-year

For the full year, Fujifilm’s revenue reached a record high, and operating profit and net income also hit record highs for the second and third consecutive years. This was mainly due to higher profit and revenue at Fujifilm’s Medical Systems, Electronics Material, Business Innovation, and Imaging, all of which Fujifilm says are “strong businesses.”

Full-year revenue was ¥2.85 trillion ($21.23 billion), up 13.2 percent year-over-year; operating profit was ¥273.07 billion ($2.03 billion), up 18.9 percent year-over-year; and net income was ¥219.42 billion ($1.63 billion), up 3.9 percent year-over-year.

Fujifilm Business Innovation

Full-year revenue for Fujifilm Business Innovation was ¥838.1 billion ($6.23 billion), up 10.3 percent year-over-year, and  operating profit was ¥69.5 billion, ($517.73 million) up  20.0 percent year-over-year.

Within Fujifilm Business Innovation, Office Solutions (MFPs, printers, consumables) revenue was ¥555.2 billion ($4.13 billion), up 11.2 percent year-over-year. Revenue for Business Solutions (digital workflow solutions, etc.) was ¥286.2 billion ($2.13 billion), up 8.5 percent year-over-year.

Fujifilm said revenue increased due to higher sales of MFPs, printers, and consumables in Japan, and higher exports to the U.S. and Europe. There were also higher MFP sales in Southeast Asia.

The company said that in the overseas market, it plans to pursue business expansion, including OEM supply partnerships, with products tailored for different regions. (Editor’s Note: These new OEM supply partnerships may likely include an OEM partnership with Sharp Corporation, with Sharp recently previewing three new production systems that appear to be based on Fujifilm systems that Fujifilm also sources to Xerox.)

For its Business Solutions business, revenue increased mainly due to higher sales of solutions and services in Japan, and growth of business-process outsourcing services overseas.

Fourth Quarter

Fujifilm’s revenue, operating profit, and net income also reached record highs in its fourth quarter, and exceeded the company’s forecast.

Fourth-quarter revenue was ¥767.4 billion ($5.71 billion), up 15 percent year-over-year; operating income was ¥70.5 billion ($525.26 million), up 52.7 percent year-over-year; and net income was ¥65.7 billion ($489.49 million), up 21.3 percent year-over-year.

Fourth-quarter revenue for Fujifilm Business Innovation was ¥224.0 billion ($1.66 billion), up 10.2 percent year-over-year, and operating profit was ¥21.7 billion ($161.67 million), up 35.1 percent year-over-year.

Forecast

For its fiscal year that will end on March 31, 2024, Fujifilm is forecasting revenue of ¥2.95 trillion ($21.97 billion), up 3.2 percent year-over-year; operating profit of ¥290 billion ($2.16 billion), up 6.2 percent year-over-year; and net income of ¥225 billion ($1.67 billion), up 2.5 percent year-over-year.

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