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TDK-EP Reports June 2010 Quarterly Sales Up 14%

July 31, 2010 By Dennis Leave a Comment

Total sales for TDK-EP increased from 135 billion yen in the March 2010 quarter to 153 billion yen in the June 2010 quarter – a sequential increase of 14%.

TDK has modified the way it reports their Passive Component revenues by product grouping to incorporate EPCOS AG (Acquisition) into the business.The TDK-EP Passive Component Segment includes (1) Capacitors {Primarily TDK MLCC Business coupled with EPCOS Plastic film capacitors and aluminum electrolytic capacitor business worldwide) (2) Inductors {Which includes TDK’s and EPCOS combined inductive device sales} and (3) Other Components (Which includes combined ESD and sensor businesses of both TDK and EPCOS and includes such products as PZT Actuators, NTC and PTC Thermistors, High Q components and Metal Oxide Varistors).

Passive Component Sales at TDK-EP totaled 105 billion yen in the June quarter, of which capacitors totaled 38 billion yen. Inductive device sales totaled 32.5 billion yen in the June quarter, while other components totaled an additional 35 billion yen. Total sales were up about 14.5% between the March and June quarters in the Passive Component Group Segment.

For FY 2011 TDK has committed to continue its cost savings initiated in FY 2009 and 2010, which includes the consolidation of eight overseas MLCC packaging facilities down to four. The company noted that two facilities were consolidated in the June quarter and two more will be consolidated in the September quarter. The company is also constructing a beck-end MLCC process in Chang An China. The company also plans to increase cost savings by sourcing more ceramic dielectric materials produced in-house instead of buying formulations from the merchant market.

Additional Resources: (1) Ceramic Capacitors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-25-8 (December 2009) (2) ) Discrete Inductors: World Markets, Technologies & Opportunities: 2009-2014 (ISBN# 1-893211-47-9)
(3) Competitive Analysis of The World’s Top Passive Component Manufacturers: 2007 ISBN # 0-929717-97-X (2007).

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Murata Revenues Up 13.6%; Capacitor Sales Up 14.4% in June Quarter; Predicts Strong September

July 31, 2010 By Dennis Leave a Comment

Murata Manufacturing Limited, the world’s largest capacitor manufacturer, recorded revenues of 154 billion yen in the June 2010 quarter. This represents a quarter-to-quarter growth rate of 13.6% compared to the March 2010 quarter, which recorded 135 billion yen in revenues for the company. Capacitor sales (Mostly MLCC), grew 14.4% in the quarter to 55 billion yen. Sales in Murata’s capacitor group were up 44% compared to the June quarter of 2009. Murata reported that sales of capacitors were up in every market segment the company serves compared to last year, and that there was increased demand for high capacitance MLCC in the June quarter. However, the company noted that sales of application specific capacitors declined in the quarter do to price erosion in the computer industry- even though sales volumes increased. Murata reported a 21% increase in sequential sales from the communications segment in the June quarter, as well as an 17% increase in demand from the computer segment, and a 9% increase in demand from the audio/video segment. Demand from the home appliance segment showed a 5% increase in revenue for the quarter, and sales to the automotive segment showed only a 2% sequential increase (however, sales to the automotive segment are up 55% compared to the same quarter in 2009). With respect to individual product lines driving capacitor demand in the June quarter, Murata noted increased quarter-to-quarter sales to the flat panel television set market, the personal computer market and the handset market as driving demand.

In terms of the outlook for the September 2010 quarter, Murata predicted that capacitor revenues will grow 10% overall to about 60 billion yen (Reference 1). This growth rate will be twice that of the other divisions of the Murata business so overall company revenue growth for the quarter is forecasted to be 5%. Murata anticipates large orders from the consumer audio and video imaging segment and the wireless handset business in the September quarter, as well as increased growth in the computer business. The company expects quarter-to-quarter sales in the automotive segment and the home appliance segment to remain unchanged. Component sales are expected to increase by 10% to consumer audio and video imaging segment in the September quarter, a 7% increase in the wireless handset business, and a 5% increase in sales to the computer segment in the September 2010 quarter.

Additional Resources: Conductive Polymer Capacitors: World Markets: Technologies & Opportunities: 2010-2015 ISBN # 1-893-211-88-6 (2010).
(2) Ceramic Capacitors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-25-8 (December 2009)

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Yageo Reports Net Sales Up 15% Sequentially In June 2010 Quarter; 61% Year-On-Year

July 30, 2010 By Dennis Leave a Comment

Yageo Corporation (TAIEX: 2327 TW) today announced its second quarter net sales of NT$ 7,209.8 million, up 61.2% y-o-y and 15% q-o-q. Gross margin rose to 29.6%, thanks to the better product mix and the high capacity utilization.

Yageo Corp (ROC) Sales Trend By Month In Millions of NT$ - 2010


Yageo Corporation of Taiwan is a major manufacturer of thick film chip resistors and MLCC. The company
reported 15% growth in the June 2010 quarter compared to the March quarter. Year-on-Year sales were up 61%
©Paumanok Publications, Inc. From Yageo.

Additional Resources: (1) Passive Electronic Components: World Market Outlook: 2010-2015 ISBN # 1-893211-99-1 (2010). (2) Linear Resistors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-24-X (7/2009) (3) Ceramic Capacitors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-25-8 (December 2009)

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Littelfuse Reports June 2010 Results; Up 9% Quarterly

July 30, 2010 By Dennis Leave a Comment

Sales for Littelfuse. one of the world’s largest manufacturers of circuit protection components in the June quarter of 2010 were $157.5 million, a 55% increase compared to the second quarter of 2009 and a 9% increase from the first quarter of 2010.

Component sales to the digital electronics segment increased 68% year over year and 17% sequentially due to continued strength across all geographies and end markets.

Component sales to the Automotive segment increased 38% year over year due to strong growth in all regions. As expected, sales declined 8% sequentially due to pipeline fill for programs in China in the first quarter of 2010, a 3% reduction in global car production and decline in the value of the euro.

Component sales to the Electrical end use market segment increased 31% year over year due to continued strong growth for protection relays and steady improvement in power fuse demand. Electrical sales increased 4% sequentially due to seasonal increases in power fuse volume.

Operating margin for the second quarter of 2010 improved to 17.5% compared to 15.0% in the first quarter of 2010 due to operating leverage on higher sales and the beginning of savings from the last phase of manufacturing transfers.
“We are pleased with our performance for the first half of 2010,” said Gordon Hunter, Chief Executive Officer. “We are having success with key organic growth initiatives; we have ramped up production to meet increased demand and maintain competitive lead times; and we remain on track with our manufacturing transfers which are delivering savings on or ahead of schedule. This crisp execution has enabled us to overachieve our 15% operating margin target in the second quarter with significant cost savings yet to come over the next three quarters.”

Outlook: Sales for the third quarter of 2010 are expected to be in the range of $156 to $164 million, which represents over 50% growth year over year, or a sequential growth rate of between -1% to 4% for the September quarter (Reference 2).

Earnings for the third quarter of 2010 are expected to be in the range of $0.92 to $1.04 per diluted share reflecting additional transfer-related savings in the third quarter.

“Even as growth begins to slow in the next few quarters, we are confident that our new cost structure will enable us to continue to deliver superior financial results,” said Hunter.

Additional Resources: (1) Circuit Protection Components: World Market Outlook: 2009-2014 ISBN # 1-893211-84-3 (2009) (2) Circuit Protection Components: World Markets, Technologies & Opportunites: 2008-2013 ISBN # 1-893211-22-3 (2008)

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Cabot Supermetals Business Grows 31% In June 2010 Quarter

July 30, 2010 By Dennis Leave a Comment

Profitability in the Supermetals Business (which sells capacitor grade tantalum metal powder and wire for anode applications) increased by $11 million compared to the same quarter of fiscal 2009. The improvement was driven by stronger demand from ongoing recovery in the electronics industry that resulted in higher volumes, lower costs from actions taken over the past year to reposition the business and a benefit from lower ore costs associated with LIFO accounting. Sequentially, profit improved by $11 million due primarily to higher volumes associated with the electronics market recovery, higher prices, including an improved product mix, and lower operating costs. During the third quarter of fiscal 2010, the Supermetals Business generated $18 million of cash from improved operating results and reduced working capital.

Total revenues in the Cabot Supermetal’s Business were $47 million in the June 2010 quarter, up 31% from the March quarter when sales were only $36 million USD. This means that capacitor manufacturers had increased their demand and that price increases for raw materials had begun to take hold.

Cabot Supermetals Division Revenues By Quarter

Cabot Supermetals Division Revenues By Quarter


Cabot Corporation Supermetals Business sells capacitor grade tantalum metal powder, and would be the
largest vendor of such powders in the world. We can see from the chart above that Cabot has returned to sales levels that are consistent to pre-downturn levels. Cabot is prepared for any upturn in the industry, and is well positioned to increase market share as the tantalite ore supply becomes more difficult to manage in 2011. Based upon the tightening supply chain for tantalum, and Cabot’s large reserve of tantalite, the Supermetals Business should fare reasonably well in the September quarter.

Additional Resources: (1) Tantalum Capacitors: World Markets, Technologies & Opportunities: 2010-2015 ISBN # 1-893211-11-8 (© April 2010) (2) TANTALUM: Global Market Outlook: 2008-2013 ISBN # 0-929717-81-3 (2008)

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AVX Reports Net Sales Up 8% Sequentially; 36% Year-On-Year For June 2010 Quarter

July 28, 2010 By Dennis Leave a Comment

AVX Corporation (NYSE: AVX) AVX today reported preliminary unaudited results for the first quarter ended June 30, 2010. Highlights: Revenue for the June 2010 quarter of $396.5 million increased 8% from the previous quarter and increased 36% from the first quarter of last year. AVX manufactures ceramic capacitors, tantalum capacitors, DC and AC film capacitors, connectors, circuit protection components; and also re-sells products manufactured by Kyocera Corporation of Japan.

AVX Sales Trend By Quarter (In Millions of USD) Through June 2010


AVX Corporation manufactures ceramic capacitors, tantalum capacitors, DC film Capacitors; AC Film
Capacitors, Niobium Oxide and Glass Capacitors; the company also produces metal oxide varistors and connectors.

Additional Resources: (1) Tantalum Capacitors: World Markets, Technologies & Opportunities: 2010-2015 ISBN # 1-893211-11-8 (© April 2010) (2) (1) Ceramic Capacitors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-25-8 (December 2009) (3) Competitive Analysis of The World’s Top Passive Component Manufacturers: 2007 ISBN # 0-929717-97-X (2007). (3) Metal Oxide Varistors: World Market Outlook: 2008-2013 ISBN # 1-893211-34-7 (2008)

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Kemet Reports Net Sales Up 14.5% Sequentially; 62% Year-On-Year

July 28, 2010 By Dennis Leave a Comment

KEMET Corporation (NYSE Amex: KEM) reported July 28, 2010 preliminary results for the first fiscal quarter ended June 30, 2010. Net sales for the quarter ended June 30, 2010 were $243.8 million, which is a 62.3% increase over the same quarter last fiscal year and a 14.5% increase over the prior fiscal quarter ended March 31, 2010.

Additional Resources: (1) Tantalum Capacitors: World Markets, Technologies & Opportunities: 2010-2015 ISBN # 1-893211-11-8 (© April 2010) (2) Conductive Polymer Capacitors: World Markets: Technologies & Opportunities: 2010-2015 ISBN # 1-893-211-88-6 (2010). (3) Paper & Plastic FILM Capacitors: World Markets, Technologies & Opportunities: 2008-2013 ISBN # 0-929717-87-2 (2008). (4) Aluminum Capacitors: World Markets, Technologies & Opportunities: 2010-2015 ISBN # 0-929717-47-3 (8/2010)

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Yageo Reports Historical High May 2010 Sales of NT$ 2,445 million

June 30, 2010 By Dennis Leave a Comment

Thanks to the implementation of sophisticated sales strategies and continuous strong end market demand, Yageo
Corporation announced June 7th its worldwide May net sales posted NT$2,445 million, up 1.7% m-o-m and 74.6% y-o-y, hitting the historical record high. The YTD sales reached NT$11,119 million, up 66.5% y-o-y. Greater China and Europe continued to maintain solid growth, while NAFTA saw a modest decline compared with last month, mainly on inventory adjustments. However, the region still posted robust growth in sales compared with last year same period of time. Sales from NB declined modestly compared with last month, mainly on seasonal adjustments. The sales growth in EMS and Telecom continued to remain solid, while demand from Industrial Product, especially Power Supply and LED Lighting, also continued to see solid growth.

Additional Resources: (1) Passive Electronic Components: World Market Outlook: 2010-2015 ISBN # 1-893211-99-1 (2010). (2) Linear Resistors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-24-X (7/2009) (3) Ceramic Capacitors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-25-8 (December 2009)

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Ferro Announces Restructuring of European Dielectrics Business

May 30, 2010 By Dennis Leave a Comment

Uden Products To Be Transferred To Other Facilities

Ferro Corporation (NYSE: FOE) the world’s largest supplier of ceramic composition materials to the ceramic capacitor industry; announced May 10, 2010 restructuring actions to reduce costs related to the Company’s European dielectrics manufacturing after finalizing the consultation process with worker’s representatives. This action is the latest restructuring step in a group of projects that were initiated subsequent to Ferro’s equity offering in November 2009. As a result of this action, dielectric products that are currently manufactured in Uden, the Netherlands, will be transferred to other Ferro locations, or discontinued and the manufacturing site will be closed. In total, approximately 120 positions are expected to be eliminated as a result of the restructuring. The actions are expected to be completed by the end of 2010.

“We continue to take actions to optimize our cost structure, and to focus our resources on growing, high-margin opportunities,” said Mike Murry, Ferro Vice President, Electronic, Color and Glass Materials. The Company expects to record net charges of approximately $13 million during 2010, related to the costs of this restructuring action. The charges include approximately $9 million in severance charges and approximately $3 million in site clean-up and shut-down costs.

Possible non-cash impairments of the property and equipment related to this restructuring action have not yet been determined. The initiatives are expected to generate pre-tax cost and expense savings of approximately $6 million on an annual basis. On April 27th, 2010 Ferro announced March 2010 quarterly revenues of $493 million USD, up 38% from the corresponding quarter in 2009 when revenues were $358 million. Sales in the Electronic Materials Group, which includes materials for the production of passive components increased by 79%, going from $82 million in the three months ending March 2009, to $147 million for the three months ending March 2010.

Additional Resources: (1) Ceramic Dielectric Materials: World Markets, Technologies & Opportunities: 2008-2013 ISBN # 0-929717-76-7 (2008) (2) Critical Metals Markets for Passive Components: 2007-2011 ISBN # 0-929717-38-4 (2007)

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Yageo Reports 68% Increase in Year-On-Year First Quarter 2010 Sales

April 30, 2010 By Dennis Leave a Comment

Yageo Corporation (TAIEX: 2327 TW) announced April 13th its first quarter net sales of NT$ 6,270 million, up 68% y-o-y and 15% q-o-q. Gross margin continued to rise to 26.9%, thanks to the improved product mix and maintaining of high capacity utilization. The operating expenses reduce to 10.3% keep perform its operating
efficiency. The company posted a record high of operating income of NT$ 1,042 million, and operating profit margin was 16.6%. Net profit before tax was NT$ 1,050 million, up 123% q-o-q. Net profit after tax in first quarter reported NT$ 1,001 million or NT$ 0.46 earnings per share. The record high income mainly driven by the improvement of product mix, full capacity utilization and the operating efficiency but not from the price rose of the products. Since Yageo had well manage its metal and raw material inventory in Q409 and hence absorbed the increased cost, The products price in Q110 did not fully reflect to those cost increased from metal and raw material. Yageo is one of the world’s largest manufacturers of passive electronic components with market leadership positions in thick film chip resistors and multilayered ceramic chip capacitors. The company manufactures passive components in Taiwan and in mainland China.

Additional Resources: (1) Passive Electronic Components: World Market Outlook: 2010-2015 ISBN # 1-893211-99-1 (2010). (2) Linear Resistors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-24-X (7/2009) (3) Ceramic Capacitors: World Markets, Technologies & Opportunities: 2009-2014 ISBN # 1-893211-25-8 (December 2009)

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