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Toshiba Tec Reports Loss, But Very Strong Revenue, Profit Growth for Office Copier/MFPs

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On May 11th, Toshiba Tec of Japan reported financial results for its complete fiscal year and for the last six months of its fiscal year (second half), with both ending on March 31, 2023. For the year, the firm reported a substantial loss, but also reported soaring increases for its office MFPs’ sales and profit.

Full Year

Toshiba Tec’s full-year net sales were ¥510.76 billion ($3.76 billion), up 14.7 percent year-over-year; operating profit was ¥16.07 billion ($118.44 million), up 39 percent year-over-year; and net income was a loss of ¥13.74 billion ($101.26 million).

Toshiba reported strong MFP overseas sales, which it says increased mainly due to favorable currency exchange rates, and growth in the Americas, which resulting in strong sales and operating profit growth. However, a patent dispute loss, a partial reversal of deferred tax assets, and other factors resulted in a net income loss for the company.

Toshiba Tec’s Workplace Solutions group includes MFPs, inkjet print heads, auto ID systems and related products. The company said MFPs had strong sales in Americas, Europe, and Asia, as a result of Toshiba Tec improving transportation and price adjustments.

The Workplace Solutions group reported full-year net sales of  ¥217.67 billion ($1.60 billion), up 20 percent year-over-year, and operating profit was ¥6.88 billion ($50.70 million), up 86.08 percent year-over-year.

Second Half

For the six months that ended on March 31, 2023, Toshiba Tec reported net sales of ¥266.9 billion ($1.96 billion), up ¥23 billion ($169.52 million) versus the first six months of its year (first half). Second-half operating profit was ¥10.1 billion ($74.43 million), up ¥4.1 billion ($30.21 million) versus its first half. Toshiba reported a loss of ¥7.4 billion ($54.54 million) for its second half, versus a loss of ¥6.4 billion ($47.16 million) for its first half.

Forecast

For its fiscal year that will end on March 31, 2024, Toshiba is forecasting net sales of ¥520.0 billion ($3.83 billion), up 1.8 percent year-over-year; operating profit of ¥18.0 billion ($132.67 million), up 11.9 percent year-over-year; and net profit of ¥7.0 billion ($51.59 million), versus the previous year’s loss.

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