KITO Corporation revised consolidated earnings guidance for April 1 to September 30, 2022 and for the fiscal year ending March 31, 2023. For April 1 to September 30, 2022, the company expected net sales of JPY 35,000 million, operating income of JPY 2,300 million, net income attributable to owners of parent of JPY 1,800 million and net income per share of JPY 87.47 per share against previous guidance of net sales of JPY 32,500 million, operating income of JPY 1,900 million, net income attributable to owners of parent of JPY 1,200 million and net income per share of JPY 58.31 per share.

For the fiscal year, the company expected net sales of JPY 77,000 million, operating income of JPY 7,000 million, net income attributable to owners of parent of JPY 5,000 million and net income per share of JPY 242.98 per share. Reasons for the revisions: Demand for products has been stable, particularly in the North American markets, almost in line with the projections at the beginning of the fiscal year. With the greater-than-projected decline in the value of the yen, however, company will revise projections for consolidated performance figures for the first half of the fiscal year ending March 31, 2023, as well as for the term as a whole.

Current demand remains stable and company projects that the positive trend will continue into the third quarter and onward. Prices for materials and export costs will likely increase substantially toward the end of the year, and inflation concerns worldwide will likely cool demand. Given the current situation the company have also decided to revise index exchange rate, from JPY 120 to the USD to JPY 135.