EIZO (6737) Q3 2025 earnings summary

Executive summary

• Net sales for 24Q3 were JPY58.1B, nearly flat year-over-year at 99.9% of the previous year.

• Operating income declined to JPY2.1B, down 15.3% year-over-year, mainly due to higher SG&A expenses.

• Net income dropped to JPY1.9B, a 46.7% decrease year-over-year, impacted by foreign exchange losses and absence of prior year investment gains.

• Comprehensive income fell sharply to JPY1.37B from JPY9.3B in the prior year period.

Financial highlights

• Gross profit increased to JPY19.2B, with gross margin rising to 33.0% from 32.2% year-over-year.

• SG&A expenses rose 5.4% year-over-year to JPY17.0B, driven by wage increases and R&D investment.

• Ordinary income fell to JPY3.0B, down 34% year-over-year.

• Earnings per share for the nine months was JPY48.44, down from JPY90.90 year-over-year (adjusted for share split).

• Equity ratio remained strong at 79.0% as of December 31, 2024.

• Foreign exchange loss of JPY0.3B compared to a gain of JPY0.6B in the prior year.

Outlook and guidance

• FY24 net sales forecast at JPY81.0B, up 0.7% from FY23.

• Operating income projected at JPY4.0B, up 2.3% year-over-year.

• Net income guidance at JPY3.4B, a 37.7% decrease from FY23.

• Earnings per share for the full year is forecast at JPY82.61 (adjusted for share split).

• No revision to FY24 guidance as of October 31, 2024.