YASKAWA Electric Corporation, The Current Fiscal Year Net Income Revised Upward by 19%, Exceeded record profit forecast

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Fri Oct 4, 2024 4:00 pm JST Earnings

6506 YASKAWA Electric Corporation 【IFRS】

Earnings Report

YASKAWA Electric Corporation <6506> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 4th (16:00). The consolidated net income for the cumulative second quarter of the fiscal year ending February 2025 (March to August) decreased by 26.3% from the same period last year to 17.8 billion yen.

However, the full-year consolidated net income has been revised upward by 18.5%, from the previous forecast of 54 billion yen to 64 billion yen (compared to 50.6 billion yen in the previous period), increasing the growth rate from 6.5% to 26.3%. The company has further increased its previous forecast of record profits for the first time in two years.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the September to February period (second half) is expected to expand by 74.4% from the same period last year, reaching 46.1 billion yen.

In the most recent three-month period, from June to August (2Q), the consolidated net income dropped to 8.65 billion yen, a 31.1% decrease compared to the same period last year. The operating profit margin decreased from 11.3% in the same period last year to 9.1%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Mar - Aug, 2022	263,528	31,260	33,467	23,707	90.7	47.0	Oct 7, 2022	IFRS
Mar - Aug, 2023	288,978	33,062	34,543	24,228	92.7	50.0	Oct 6, 2023	IFRS
Mar - Aug, 2024	261,573	22,926	24,427	17,851	68.3	27.2	Oct 4, 2024	IFRS
YoY	-9.5%	-30.7%	-29.3%	-26.3%	-26.3%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar - Aug, 2024 Guidance	ー	ー	ー	ー	－	34	Apr 5, 2024	IFRS
Mar - Aug, 2024 Results	261,573	22,926	24,427	17,851	68.3	34	Oct 4, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	580,000	70,000	74,000	54,000	208.2	68	Apr 5, 2024	IFRS
Feb, 2025 New	553,000	64,000	89,800	64,000	246.8	68	Oct 4, 2024	IFRS
Revision Rate	-4.7%	-8.6%	+21.4%	+18.5%	+18.5%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	286,680	33,163	34,535	26,459	101.2	32	Apr 5, 2024	IFRS
Sep - Feb, 2024 Guidance	291,427	41,074	65,373	46,149	178.0	34	Oct 4, 2024	IFRS
YoY	+1.7%	+23.9%	+89.3%	+74.4%	+75.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	555,955	68,301	71,134	51,783	198.1	64	Apr 7, 2023	IFRS
Feb, 2024	575,658	66,225	69,078	50,687	193.9	64	Apr 5, 2024	IFRS
Feb, 2025 Guidance	553,000	64,000	89,800	64,000	246.8	68	Oct 4, 2024	IFRS
YoY	-3.9%	-3.4%	+30.0%	+26.3%	+27.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	146,465	16,613	17,566	12,563	48.1	11.3	Oct 6, 2023	IFRS
Sep - Nov, 2023	135,352	13,485	13,888	10,560	40.4	10.0	Jan 12, 2024	IFRS
Dec - Feb, 2023	151,328	19,678	20,647	15,899	60.8	13.0	Apr 5, 2024	IFRS
Mar - May, 2024	132,408	11,118	12,328	9,199	35.2	8.4	Jul 5, 2024	IFRS
Jun - Aug, 2024	129,165	11,808	12,099	8,652	33.1	9.1	Oct 4, 2024	IFRS
YoY	-11.8%	-28.9%	-31.1%	-31.1%	-31.1%