Fibocom Wireless Inc (300638) Q3 2024 earnings summary

Executive summary

• Q3 revenue rose 4.55% YoY to ¥2.142bn; net income attributable to shareholders more than doubled to ¥318.4m, while adjusted net income declined 10.62% to ¥133.9m.

• 9M revenue increased 5.12% to ¥6.217bn and net income rose 43.22% to ¥651.9m; results included a substantial gain from the July sale of the automotive module business.

Financial highlights

• Q3 operating cash flow was ¥196.8m, down 50.97% YoY; 9M net cash from operating activities was also ¥196.8m versus ¥401.3m in the prior-year period.

• 9M operating profit was ¥662.3m and net profit was ¥656.6m; net income attributable to shareholders was ¥651.9m.

• Total assets reached ¥7.437bn at quarter-end, up 4.82% from year-end; equity attributable to shareholders was ¥3.522bn, up 12.43%.

Segment performance

• Sold the automotive front-fit wireless communications module business in July; the business was removed from the consolidated scope after closing, affecting fixed assets, goodwill and related balances.