Buffalo (6676) Q4 2024 earnings summary

Executive summary

• FY ended Mar 2024 revenue rose 2.2% to ¥1,457億, while operating profit fell 42.5% to ¥25億; net income attributable to owners was ¥30億, down 1.5%.

• Revenue was 100.5% of the revised forecast; operating profit, ordinary profit and net income reached 136.7%, 151.5% and 131.0% of forecast, respectively.

Financial highlights

• Revenue increased from ¥1,425億 to ¥1,457億; operating profit declined from ¥45億 to ¥25億 and ordinary profit from ¥47億 to ¥25億 YoY.

• Net income attributable to owners was ¥30億, down 1.5% YoY; reported EPS was ¥179.66.

Outlook and guidance

• FY Mar 2025 forecast without the spin-off: revenue ¥1,500億 (+2.9%), operating and ordinary profit ¥58億 each, net income ¥36億, EPS ¥215.51 and dividend ¥120 per share.

• With the spin-off, FY Mar 2025 forecast: revenue ¥1,330億 (−8.8%), operating and ordinary profit ¥52億 each, net income ¥34億, EPS ¥203.54 and dividend ¥100 per share; includes food business results through Sep 2024.

• IT outlook assumes a difficult market from yen weakness and sluggish end demand, offset by selected product development and price increases on some products from Apr 2024; food forecasts sales growth but lower profit.