Central Glass (4044) Q1 2024 earnings summary

Executive summary

• Net sales were ¥34,830 million, down 10.7% year-over-year; operating profit rose 3.3% to ¥2,940 million.

• Ordinary profit increased 9.2% to ¥4,190 million, and profit attributable to owners of parent rose 6.4% to ¥3,012 million.

• Comprehensive income reached ¥4,346 million, up 2.4% year-over-year.

Financial highlights

• Gross profit improved to ¥10,079 million from ¥9,582 million year-over-year.

• Basic EPS rose to ¥121.57 from ¥114.25.

• Q1 exchange-rate assumption/reference was ¥149 per US dollar versus ¥132 year-over-year; CIF crude oil was $87.5/bbl versus $82.9.

Outlook and guidance

• FY2024 forecast remained unchanged from May 10: net sales ¥156,000 million, operating profit ¥11,000 million, ordinary profit ¥12,500 million and parent-attributable profit ¥10,000 million.

• Full-year EPS is forecast at ¥403.55; annual dividend forecast remains ¥170 per share.

• FY2024 sales forecasts: Chemicals ¥93,500 million and Glass ¥62,500 million; operating-profit forecasts are ¥8,500 million and ¥2,500 million, respectively.