Fukuyama Transporting (9075) investor relations material

Executive summary

• H1 FY3/27 revenue rose 8.2% YoY to ¥166,124 million; operating profit increased 116.9% to ¥7,835 million, supported by volume growth, pricing and operational efficiency.

• H1 results prompted an upward revision to full-year revenue and profit forecasts; H2 assumptions were broadly maintained.

Financial highlights

• Operating expenses rose 5.6% to ¥158,289 million; excluding ¥1.3 billion from the change in consolidation scope, they increased 2.5% YoY.

• Ordinary profit rose 79.1% to ¥7,992 million; profit before income taxes was ¥10,892 million versus ¥5,357 million.

• Parent-attributable net income increased 131.3% to ¥7,037 million; basic EPS was ¥199.70 versus ¥80.87.

• Gains on sales of investment securities were ¥3,199 million versus ¥1,324 million; gains on non-current asset sales were ¥406 million versus ¥64 million.

• Operating cash flow was ¥12,741 million versus ¥11,419 million; H1-end cash and cash equivalents were ¥39,721 million.

Outlook and guidance

• FY3/27 forecast: revenue ¥340,700 million, operating profit ¥14,800 million, ordinary profit ¥15,200 million and parent-attributable net income ¥17,700 million.

• Forecast YoY growth: revenue 6.9%, operating profit 58.3%, ordinary profit 32.5% and parent-attributable net income 29.2%; forecast basic EPS is ¥502.23.

• H2 earnings assumptions were broadly maintained; H1 outperformance and continued freight-rate revisions supported the full-year forecast increase.

• H2 pricing actions include revisions for previously untouched accounts and additional categories; Q3 daily unit-price plan is 103.6% of prior year.

• FY3/27 dividend forecast is ¥100 per share, split equally between the second-quarter end and fiscal year-end; no revision was indicated.