Nikon (NINOY - Free Report) reported first-quarter fiscal 2021 net loss of ¥37.03 per share against year-ago quarter’s earnings of ¥20.72 per share.
Revenues of ¥64.72 billion decreased 54.7% year over year, primarily due to negative impact of the coronavirus outbreak.
Segment Details
Nikon’s Imaging Products (38.8% of revenues) segment revenues plunged 63% year over year to ¥25.1 billion in the reported quarter.
Nikon witnessed sluggish demand for mid- to high-end products due to the spread of the coronavirus, in addition to the continuous shrinkage of the digital camera-interchangeable lens-type market and the compact digital-camera market.
Precision Equipment (30.3% of revenues) revenues fell 62% from the year-ago quarter to ¥19.6 billion. The company experienced delays in sale of equipment due to spread of the coronavirus.
However, Nikon stated that capital investments for mid-to-small size panels were on a recovery trend and capital investments for large-size panels were steady in the FPD-related space. The company also witnessed a recovery trend for the semiconductor-related space.
Healthcare (15.9% of revenues) revenues decreased 20% from the year-ago quarter to ¥10.3 billion. Nikon witnessed dull market conditions in both the bioscience field and the ophthalmic-diagnosis field due to the coronavirus.
Industrial Metrology and Others (14.7% of revenues) revenues declined 12% to ¥9.5 billion.
Operating Details
In first-quarter fiscal 2021, Nikon reported operating loss of ¥20.5 billion against operating profit of ¥9.3 billion reported in the year-ago quarter.
Imaging Products segment operating loss was ¥8.1 billion against operating profit of ¥3.5 billion reported in the year-ago quarter.
Precision Equipment operating loss was ¥5.1 billion against operating profit of ¥10.3 billion reported in the year-ago quarter.
Healthcare business’ operating loss was ¥2.4 billion compared with a loss of ¥1.4 billion in the year-ago quarter.
Industrial Metrology and Others segment operating loss was ¥400 million against operating income of ¥200 million in the year-ago quarter.
Balance Sheet & Free Cash Flow
As of Jun 30, 2020, cash and cash equivalents were ¥301.38 billion compared with ¥324.03 billion as of Mar 31, 2020.
Moreover, bonds and borrowings were ¥102.6 billion as of Jun 30, 2020 compared with ¥102.8 billion as of Mar 31, 2020.
Guidance
For fiscal 2021, revenues are now projected to be ¥420 billion, down ¥171 billion year over year. While Imaging Products revenues are now expected to decline 42.4%, Precision Equipment is anticipated to decrease 28.6%. Healthcare is also expected to fell 8.1%. However, Industrial Metrology and Others revenues are expected to remain flat year over year.
Operating loss is now estimated to be ¥75 billion. Loss for the fiscal year is projected to be ¥136.19 per share.
Zacks Rank & Stocks to Consider
Nikon currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the broader technology sector are ANGI Homeservices (ANGI - Free Report) , Agilent (A - Free Report) and Analog Devices (ADI - Free Report) . All three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ANGI Homeservices, Agilent (A - Free Report) and Analog Devices (ADI - Free Report) are set to report their quarterly results on Aug 10, 18 and 19, respectively.
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Nikon (NINOY - Free Report) reported first-quarter fiscal 2021 net loss of ¥37.03 per share against year-ago quarter’s earnings of ¥20.72 per share.
Revenues of ¥64.72 billion decreased 54.7% year over year, primarily due to negative impact of the coronavirus outbreak.
Segment Details
Nikon’s Imaging Products (38.8% of revenues) segment revenues plunged 63% year over year to ¥25.1 billion in the reported quarter.
Nikon witnessed sluggish demand for mid- to high-end products due to the spread of the coronavirus, in addition to the continuous shrinkage of the digital camera-interchangeable lens-type market and the compact digital-camera market.
Precision Equipment (30.3% of revenues) revenues fell 62% from the year-ago quarter to ¥19.6 billion. The company experienced delays in sale of equipment due to spread of the coronavirus.
However, Nikon stated that capital investments for mid-to-small size panels were on a recovery trend and capital investments for large-size panels were steady in the FPD-related space. The company also witnessed a recovery trend for the semiconductor-related space.
Healthcare (15.9% of revenues) revenues decreased 20% from the year-ago quarter to ¥10.3 billion. Nikon witnessed dull market conditions in both the bioscience field and the ophthalmic-diagnosis field due to the coronavirus.
Industrial Metrology and Others (14.7% of revenues) revenues declined 12% to ¥9.5 billion.
Operating Details
In first-quarter fiscal 2021, Nikon reported operating loss of ¥20.5 billion against operating profit of ¥9.3 billion reported in the year-ago quarter.
Imaging Products segment operating loss was ¥8.1 billion against operating profit of ¥3.5 billion reported in the year-ago quarter.
Precision Equipment operating loss was ¥5.1 billion against operating profit of ¥10.3 billion reported in the year-ago quarter.
Healthcare business’ operating loss was ¥2.4 billion compared with a loss of ¥1.4 billion in the year-ago quarter.
Industrial Metrology and Others segment operating loss was ¥400 million against operating income of ¥200 million in the year-ago quarter.
Balance Sheet & Free Cash Flow
As of Jun 30, 2020, cash and cash equivalents were ¥301.38 billion compared with ¥324.03 billion as of Mar 31, 2020.
Moreover, bonds and borrowings were ¥102.6 billion as of Jun 30, 2020 compared with ¥102.8 billion as of Mar 31, 2020.
Guidance
For fiscal 2021, revenues are now projected to be ¥420 billion, down ¥171 billion year over year. While Imaging Products revenues are now expected to decline 42.4%, Precision Equipment is anticipated to decrease 28.6%. Healthcare is also expected to fell 8.1%. However, Industrial Metrology and Others revenues are expected to remain flat year over year.
Operating loss is now estimated to be ¥75 billion. Loss for the fiscal year is projected to be ¥136.19 per share.
Zacks Rank & Stocks to Consider
Nikon currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the broader technology sector are ANGI Homeservices (ANGI - Free Report) , Agilent (A - Free Report) and Analog Devices (ADI - Free Report) . All three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ANGI Homeservices, Agilent (A - Free Report) and Analog Devices (ADI - Free Report) are set to report their quarterly results on Aug 10, 18 and 19, respectively.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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