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Panasonic H1 Profit Declines; Revises FY23 Forecasts

JT Group Q3 Adj. Operating Profit Rises; Revises Full Year Guidance Upwards

JT Group (JAPAF.PK,JAPAY.PK) said, on a reported basis, third quarter adjusted operating profit increased by 20.7% to 223.0 billion yen, driven by positive currency movements from a weaker Japanese yen. At constant FX, adjusted operating profit increased by 3.8% to 191.7 billion yen.

Profit increased by 23.0% to 139.7 billion yen, driven by an increase in operating profit, partially offset by increasing financing costs.

Revenue increased by 19.3% to 741.7 billion yen, driven by increases across all businesses. At constant FX, core revenue increased by 4.7% to 623.8 billion yen.

The company revised upward its adjusted operating profit guidance at constant FX by 56.0 billion yen to 660.0 billion yen. On a reported basis, adjusted operating profit is revised upward by 103.0 billion yen to 728.0 billion yen. Revenue forecast is revised upward by 182.0 billion yen to 2.67 trillion yen.

The company plans to increase annual dividend guidance by 38 yen to 188 yen.

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Kyocera H1 Profit Rises, Maintains FY Outlook; Stock Up

Kyocera Corp. (KYO), a Japanese ceramics and electronics maker, reported Monday that its first-half profit attributable to owners of the parent grew 3.2 percent to 75.59 billion yen or 210.60 yen per share from last year’s 73.22 billion yen or 202.01 yen per share.

Operating profit edged up 1.1 percent to 76.49 billion yen from 75.68 billion yen a year ago.

Sales revenue increased 15.5 percent to 1.01 trillion yen from 876.34 billion yen a year earlier.

Looking ahead for the fiscal 2023, the company continues to expect attributable profit of 154 billion yen or 429.08 yen per share, operating profit of 174 billion yen and sales revenue of 2.00 trillion yen.

The outlook reflects a growth of 3.8 percent in attributable profit, 16.8 percent in operating profit and 8.8 percent in sales revenue.

In Japan, Kyocera shares were trading at 7,459 yen, up 2.9 percent.

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Bob Evans Farms Recalls Italian Pork Sausage Products

Bob Evans Farms Foods, Inc. is recalling around 7,560 pounds of Italian pork sausage products that may be contaminated with extraneous materials, specifically thin blue rubber, the U.S. Department of Agriculture’s Food Safety and Inspection Service or FSIS announced.

The product subject to recall include 1-lb. chubs containing “Bob Evans Italian Sausage” with lot code XEN3663466 and a “USE/FRZ BY” date of 11/26/22.

The raw, Italian pork sausage items were produced on September 8 and shipped to retail locations nation-wide. The affected products bear establishment number “EST. 6785” inside the USDA mark of inspection.

The recall was initiated after the Xenia, Ohio -based firm notified FSIS it had received consumer complaints reporting thin blue pieces of rubber in the product.

However, there have been no confirmed reports of adverse reactions due to consumption of these products to date.

FSIS is concerned that some product may be in consumers’ refrigerators or freezers, and urged them to throw the products away or return to the place of purchase.

In similar recalls, AdvancePierre Foods Inc. last week called back around 4,137 pounds of pork loin steak fritter product that may be contaminated with extraneous materials, specifically hard pieces of plastic.

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Komatsu Q2 Profit Climbs, Lifts FY Outlook – Quick Facts

Komatsu Ltd. (KMTUY.PK), a Japanese manufacturer of construction, mining, forestry, and military equipment, reported Monday that its second-quarter net income attributable to company climbed 57.2 percent to 82.1 billion yen, an increase of 96.7 percent from prior year’s 52.2 billion yen.

Operating income increased 58.4 percent from last year to 118.1 billion yen.

For the second quarter, consolidated net sales were 854.9 billion yen, up 33 percent from last year’s 643.1 billion yen.

For the fiscal year ending March 31, 2023, the company now expects net income attributable to Komatsu of 298 billion yen, operating income of 440 billion yen, and net sales of 3.46 trillion yen.

The company previously expected net income attributable to Komatsu of 226 billion yen, operating income of 346 billion yen, and net sales of 3 trillion yen.

The revised outlook reflects a growth of 32.5 percent in attributable profit, 38.8 percent in operating profit and 23.5 percent in net sales.

Further, the company said annual cash dividends per share are being planned for 128 yen, up 32 yen from the projection of April this year.

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Panasonic H1 Profit Declines; Revises FY23 Forecasts

Panasonic Holdings Corp. (PCRFY.PK,PCRFF.PK) reported that its first-half net profit attributable to stockholders declined to 107.3 billion yen from 153.0 billion yen, last year. Earnings per share was 45.97 yen compared to 65.56 yen. Net sales increased to 4.06 trillion yen from 3.53 trillion yen.

For fiscal 2023, the company revised upward the forecast for net sales, announced on May 11, 2022. The new forecast is 8.2 trillion yen, revised from prior forecast of 7.9 trillion yen.

The company revised downward its guidance for 2023 operating profit, profit before income taxes and net profit attributable to stockholders. Adjusted operating profit is now expected to be 340.0 billion yen, revised from prior guidance of 380.0 billion yen.

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