Anritsu (6754) Q3 2025 earnings summary

Executive summary

• Orders rose 2.3% year-over-year, revenue increased 3.9% year-over-year to ¥80.8B, and operating profit grew 24.4% year-over-year for the nine months ended December 2024.

• Segment performance was mixed, with Test and Measurement flat in revenue but down in profit due to restructuring, while PQA and Environmental Measurement saw double-digit growth.

• Full-year guidance remains unchanged, projecting 5% revenue growth and 22% operating profit growth year-over-year.

• Strong demand in data centers, food automation, and EV/battery testing supported results.

• The business environment benefited from recovery in smartphone shipments and 5G/IoT expansion.

Financial highlights

• Order intake reached ¥81.9B (+2% YoY), revenue ¥80.8B (+4% YoY), operating profit ¥6.4B (+24% YoY), and profit before tax ¥7.2B (+29% YoY).

• Profit for the period was ¥4.9B (+25% YoY); comprehensive income declined 5% year-over-year.

• Gross profit increased to ¥38.5B, and EPS rose to ¥37.21 from ¥29.80 year-over-year.

• Free cash flow for the nine months was ¥14.2B; cash at period end was ¥53.9B.

• Operating margin for Q3 was 10.3% consolidated, with T&M at 11.2%, PQA at 7.5%, and Environmental at 16.1%.

Outlook and guidance

• FY2024 revenue forecast is ¥115.0B (+5% YoY), operating profit ¥11.0B (+22% YoY), and profit before tax ¥11.0B (+11% YoY).

• Segment forecasts: T&M revenue ¥73.8B (+4% YoY), PQA ¥26.7B (+5% YoY), Environmental Measurement ¥9.0B (+21% YoY), Others down 10.3%.

• Exchange rate assumptions: 1 USD = 145 yen, 1 EUR = 155 yen.

• Dividend forecast maintained at ¥40 per share for FY2024.

• Profit attributable to owners of parent forecast at ¥8.3B (+8.1% YoY).