Canare Electric (5819) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, was ¥8,956 million, down 0.9% year-over-year due to weaker domestic and overseas sales, especially in the US, Korea, and China.

• Operating profit decreased by 7.7% to ¥1,034 million, and net profit attributable to shareholders fell 3.8% to ¥816 million year-over-year.

• Inflation, resource price hikes, and currency fluctuations continued to impact the business environment.

Financial highlights

• Gross profit for the period was ¥3,861 million, with an operating margin of 11.6%.

• Ordinary profit was ¥1,073 million, down 8.3% year-over-year.

• EPS for the period was ¥119.89, compared to ¥125.22 in the prior year.

• Comprehensive income was ¥895 million, down from ¥1,299 million year-over-year.

Outlook and guidance

• Full-year revenue forecast remains unchanged at ¥12,845 million, with operating profit expected at ¥1,330 million (down 20.3% year-over-year) and net profit at ¥980 million (down 17.5%).

• No revisions to previously announced guidance.