Toyota Tsusho (8015) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 FY2024 was ¥2,541.5 billion, flat year-over-year, with operating profit up 4.7% to ¥119.1 billion and net profit attributable to owners up 3.4% to ¥95.8 billion.

• Growth in North American automotive-related trading and yen depreciation offset raw material price declines.

• Comprehensive income fell 26.8% year-over-year to ¥178.2 billion, mainly due to lower other comprehensive income.

Financial highlights

• Gross profit rose to ¥275.7 billion from ¥257.1 billion year-over-year.

• Basic EPS was ¥90.78, up from ¥87.83, calculated as if the 3-for-1 stock split had occurred at the start of the fiscal year.

• Total assets increased to ¥7,338.0 billion from ¥7,060.0 billion at March 31, 2024.

• Equity attributable to owners rose to ¥2,575.5 billion, with a ratio to total assets of 35.1%.

• Net cash from operating activities was ¥79.4 billion, down from ¥92.2 billion year-over-year.

Outlook and guidance

• Full-year profit attributable to owners forecast at ¥350.0 billion, up 5.6% year-over-year; basic EPS forecast at ¥331.56 (post-split basis).

• Dividend forecast for FY2025 is ¥100 per share (post-split), unchanged from previous guidance.