Airman (6364) Q2 2024 earnings summary

Executive summary

• Q2 FY2024 revenue was ¥25.803bn, up 15.0% YoY; operating profit reached ¥3.595bn, up 46.0% YoY.

• Ordinary profit was ¥4.207bn, up 36.2% YoY, and net income was ¥2.927bn, up 34.2% YoY.

Financial highlights

• Domestic sales rose to ¥13.672bn from ¥11.809bn; overseas sales increased to ¥12.130bn from ¥10.628bn.

• Operating profit increased from ¥2.461bn to ¥3.595bn; higher sales, productivity, pricing and FX offset higher raw-material costs and SG&A.

• Overseas sales represented 47.0% of total sales, compared with 47.4% in the prior-year period.

Outlook and guidance

• FY2024 forecast: revenue ¥49.6bn (+1.2%), operating profit ¥6.55bn (+35.3%), ordinary profit ¥6.7bn (+24.5%) and net income ¥4.535bn (+20.9%).

• Forecast ordinary margin is 13.5%; EPS is ¥160.77 and ROE is 12.9%.

• Revised FY2023 midterm targets are revenue ¥49.6bn, ordinary profit ¥6.7bn and 13.5% ordinary margin; FY2024 targets are ¥52bn, ¥7.5bn and 14.4%, respectively.

• The long-term vision targets consolidated revenue of ¥70bn by FY2030.