Namura Shipbuilding (7014) Q1 2025 earnings summary

Executive summary

• Revenue rose 33.4% year-over-year to ¥39,760 million, with operating income up 199.8% to ¥8,614 million and net income attributable to shareholders up 119.6% to ¥9,694 million, driven by yen depreciation and a shift to mass production of lower steel-cost vessels.

• All major segments except steel structures/machinery posted significant sales and profit growth, with new shipbuilding leading gains.

Financial highlights

• Operating profit margin improved sharply, with operating income at ¥8,614 million versus ¥2,874 million a year ago.

• Ordinary income reached ¥9,792 million, up 83.9% year-over-year, including ¥618 million in forex gains.

• EPS for the quarter was ¥139.79, more than double the prior year.

• Comprehensive income increased 83.4% to ¥11,977 million.

Outlook and guidance

• Full-year guidance maintained: revenue ¥148,000 million, operating income ¥18,000 million, net income ¥15,000 million, EPS ¥216.39.

• First-quarter progress rates are high: 26.9% of revenue, 47.9% of operating income, and 64.6% of net income targets achieved.

• Management will review guidance at the second quarter due to forex and other uncertainties.