HORIBA (6856) Q3 2024 earnings summary

Executive summary

• Net sales for the nine months ended September 30, 2024, rose 7.6% year-over-year to ¥215.8bn, driven by yen depreciation and growth in Automotive and Semiconductor segments.

• Operating profit increased 4.9% to ¥29.9bn, with ordinary profit up 7.0% to ¥31.1bn.

• Net income attributable to shareholders declined 26.2% year-over-year to ¥19.9bn, impacted by prior-year extraordinary gain and current-year impairment loss.

• Downward revision of full-year sales and profit forecasts, but record highs still expected in key metrics.

Financial highlights

• Gross margin improved to ¥95.3bn from ¥86.8bn year-over-year.

• EPS for the period was ¥473.73, down from ¥638.32 in the prior year.

• Comprehensive income fell 50.6% to ¥22.1bn.

• Operating margin for the nine months was 13.9%, down from 14.2% year-over-year.

• Net income margin dropped to 9.2% from 13.4% year-over-year.

Outlook and guidance

• 2024 full-year sales forecast revised down to ¥318.0bn, up 9.4% from 2023.

• Operating profit forecast at ¥47.5bn, up 0.4% year-over-year but down from previous guidance.

• Net income forecast lowered to ¥33.0bn, an 18.1% decrease from the previous year.

• Dividend forecast for FY2024 revised down to ¥245 per share.