Airman (6364) Q4 2024 earnings summary

Executive summary

• FY2024 revenue reached ¥51.9bn and operating income ¥6.187bn; ordinary income and net income rose to ¥7.323bn and ¥5.098bn, respectively.

• FY2025 guidance targets revenue of ¥56.0bn and operating income of ¥7.13bn, with ordinary income of ¥7.4bn and net income of ¥5.1bn.

• Long-term strategy targets ¥70bn in consolidated revenue by FY2030, backed by investment in production capacity, sustainable products, and portfolio development.

Financial highlights

• Revenue was ¥51.9bn, up from ¥49.0bn in FY2023; domestic sales were ¥28.199bn and overseas sales ¥23.701bn.

• Operating income rose 27.8% YoY to ¥6.187bn from ¥4.842bn.

• Ordinary income increased 36.1% YoY to ¥7.323bn; net income increased 35.9% to ¥5.098bn.

• Overseas sales accounted for 45.7% of revenue, up from 45.5% in the prior year.

Outlook and guidance

• FY2025 forecast: revenue ¥56.0bn (+7.9%), operating income ¥7.13bn (+15.2%), ordinary income ¥7.4bn (+1.0%), and net income ¥5.1bn.

• FY2025 forecast EPS is ¥183.67, up 0.8%; forecast ROE is 13.4% versus 14.3% in FY2024.

• FY2025 targets assume ¥140/US$ and ¥153/€; ordinary-income sensitivity is ¥141m per ¥1 move in the dollar and ¥9.3m per ¥1 move in the euro.

• FY2024 revenue and ordinary income exceeded the original medium-term targets of ¥52.0bn and ¥7.5bn, while revised FY2024 targets are ¥56.0bn and ¥7.4bn.