Sony Group Corporation (NYSE:SONY) Q2 2024 Earnings Conference Call November 8, 2023 2:00 AM ET
Company Participants
Sadahiko Hayakawa - General Manager, Finance Department
Hiroki Totoki - President, COO, CFO, Representative Corporate Executive Officer & Director
Conference Call Participants
Kentaro Tsutsumi - Nikkei Newspaper
Masahiro Ono - Morgan Stanley
Kota Ezawa - Citigroup
Junya Ayada - JPMorgan Chase & Co.
Ryosuke Katsura - SMBC Nikko Securities
Unidentified Company Representative
The time has come. FY 2023 Q2 financial results announcement for Sony Group Corporation.
I am Okada, Corporate Communications. I will be serving as master of ceremonies. Let me introduce the people on the stage. First, Mr. Hiroki Totoki, President, COO and CFO; Naomi Matsuoka, Senior Vice President, Corporate Planning and Control Ned Group DE&I support for Finance, Business and Entertainment Area; Sadahiko Hayakawa, Senior Vice President in charge of Finance and IR.
Today, 3 persons will be explaining the consolidated results for the second quarter FY '23 and full year consolidated results forecast, after which we are going to have a Q&A session. We are scheduled to have a total of 70 minutes [Foreign Language]. Today, after Ms. Matsuoka and Mr. Hayakawa explained the content on here, I will summarize the entire earnings briefing.
Mr. Hayakawa, please go ahead.
Sadahiko Hayakawa
From here, Ms. Matsuoka, and I will explain. Consolidated sales for the quarter were JPY2,828.6 billion, an increase of 8% compared to the same quarter of the previous fiscal year. Consolidated operating income significantly decreased JPY106.4 billion year-on-year to JPY263.0 billion, mainly due to the JPY64.3 billion decrease in the operating income of the Financial Services segment. I will explain the details in the parts devoted to each business.
Adjusted EBITDA decreased JPY60.8 billion year-on-year to JPY426.4 billion. Income before income taxes decreased JPY113.5 billion year-on-year to JPY257.6 billion. Net income attributable to Sony Group Corporation stockholders decreased JPY81.6 billion to JPY200.1 billion. Results by segment for the quarter are shown here.
Next, I will explain the full year consolidated results forecast for FY '23. The assumed exchange rate for the second half of the fiscal year have been revised to approximately JPY142 for the U.S. dollar and approximately JPY152 for the euro. The full year forecast is for sales to be JPY12.4 trillion, an increase of JPY200 billion from the previous forecast for operating income to be unchanged at JPY1.170 trillion. And for net income attributed to Sony Corporation's stockholders to be JPY880 billion, an increase of JPY20 billion from the previous forecast.