AOI Electronics (6832) Q1 2024 earnings summary

Executive summary

• Q1 revenue was ¥8,326 million, down 21.8% YoY; operating, ordinary, and net income all turned negative.

• Prolonged demand adjustments reduced handset-related component orders; product discontinuations and weaker overseas thermal print head orders also weighed on sales.

Financial highlights

• Revenue fell to ¥8,326 million from ¥10,645 million YoY; gross profit declined to ¥590 million from ¥1,913 million.

• Operating income was -¥431 million versus ¥796 million; ordinary income was -¥323 million versus ¥990 million.

• Net income was -¥369 million versus ¥699 million; gross margin was 7.1% versus 18.0%.

Outlook and guidance

• FY2024 revenue plan is ¥39,000 million; Q1 progress was 21.3%.

• FY2024 operating income and ordinary income plans are each ¥500 million, with Q1 progress of 1.3%.

• FY2024 net income plan is ¥350 million, with Q1 progress of 0.9%.