Hirose Electric (6806) Q1 2024 earnings summary

Executive summary

• Revenue for the first quarter increased by 10.9% year-over-year to JPY 44,871 million, driven by strong consumer markets despite sluggish industrial demand.

• Operating profit rose 13.3% to JPY 10,261 million, and profit attributable to owners of parent surged 39.6% to JPY 8,404 million compared to the same quarter last year.

• Expansion efforts included completion of the Tohoku Advanced Technology Center and the new Koriyama factory, enhancing development and production capabilities.

Financial highlights

• Gross profit increased to JPY 20,197 million from JPY 18,665 million year-over-year.

• Basic earnings per share rose to JPY 248.41 from JPY 174.89 year-over-year.

• Total comprehensive income for the quarter was JPY 15,200 million, down from JPY 16,368 million in the prior year.

• Cash and cash equivalents at quarter-end were JPY 82,106 million, down from JPY 90,341 million at the previous fiscal year-end.

Outlook and guidance

• No revisions to previously announced business or dividend forecasts; full-year revenue expected at JPY 176,000 million, up 6.3% year-over-year.

• Full-year operating profit forecast at JPY 36,000 million (up 5.8%), and profit attributable to owners of parent at JPY 28,000 million (up 5.7%).