Airman (6364) Q3 2024 earnings summary

Executive summary

• Q3 FY Mar-2024 consolidated revenue reached ¥39,335 million, up 8.9% YoY; operating profit was ¥5,444 million, up 21.2%.

• For the nine months ended Dec. 31, 2023, ordinary profit was ¥5,493 million, up 30.8%, and net income was ¥3,802 million, up 32.1%.

Financial highlights

• Revenue increased from ¥36,135 million to ¥39,335 million; domestic sales rose from ¥19,610 million to ¥21,104 million and overseas sales from ¥16,525 million to ¥18,231 million.

• Operating profit rose from ¥4,492 million to ¥5,444 million; favorable sales, pricing, foreign exchange and utilization contributed, while raw-material inflation and higher SG&A were offsets.

Outlook and guidance

• FY Mar-2024 forecast: revenue ¥49,600 million, operating profit ¥6,550 million, ordinary profit ¥6,700 million and net income attributable to owners ¥4,535 million.

• Forecast YoY changes: revenue +1.2%, operating profit +35.3%, ordinary profit +24.5% and net income +20.9%; projected ordinary profit margin 13.5% vs. 10.9%.

• Forecast EPS is ¥160.77 and ROE 12.9%; assumptions include ¥133/$ and ¥142/€ exchange rates.

• FY ordinary-profit sensitivity is ¥120 million per ¥1 move in the dollar and ¥7.5 million per ¥1 move in the euro.