Toto (5332) Q1 2025 earnings summary

Executive summary

• Net sales rose 5% year-over-year to ¥164.5 billion for Q1 FY2024, with profits up across all segments and results generally in line with or exceeding plan.

• Operating profit surged 144.9% year-over-year to ¥9.8 billion, and profit attributable to owners of parent increased 52.7% to ¥8.7 billion.

• Price revisions and cost reductions offset higher procurement and investment costs.

• International business grew in Americas and Asia, but declined in Mainland China and Europe due to market conditions.

• Comprehensive income reached ¥17.6 billion, up from ¥11.5 billion a year earlier.

Financial highlights

• Gross profit improved to ¥59 billion from ¥51.3 billion year-over-year.

• Earnings per share rose to ¥51.52 from ¥33.75 year-over-year.

• Operating margin improved to 6.0% from 2.6% year-over-year.

• Recurring profit increased to ¥14.4 billion, up 54% year-over-year.

• Equity ratio increased to 65.4% from 63.6% at March 31, 2024.

Outlook and guidance

• Full-year net sales forecast at ¥750 billion, up 4.8% year-over-year.

• Operating profit projected at ¥48 billion, up 12.2% year-over-year.

• Forward-looking statements caution that actual performance may differ due to global economic, competitive, and currency risks.