FUJIFILM (4901) Q1 2025 earnings summary

Executive summary

• Q1 FY2024 revenue rose 13.4% YoY to ¥749.0B, with record operating and net income, driven by strong sales in Imaging, Semiconductor Materials, and Medical Systems, and favorable exchange rates.

• Operating income increased 19.1% to ¥62.2B; net income grew 11.6% to ¥60.7B.

• Overseas revenue accounted for 68.1% of total, with notable growth in Europe, the Americas, and Asia.

• Full-year FY2024 forecasts for revenue, operating income, and net income were revised upward, all expected to hit record levels.

• Annual dividend planned at ¥60 per share, marking the 15th consecutive annual increase.

Financial highlights

• Q1 FY2024 revenue: ¥749.0B (+13.4% YoY); operating income: ¥62.2B (+19.1% YoY); net income: ¥60.7B (+11.6% YoY); all record highs.

• EPS for Q1 FY2024: ¥50.44, up ¥5.22 YoY.

• Gross margin improved to 41.2% from 39.8% YoY; operating margin rose to 8.3% from 7.9%.

• Adjusted free cash flow (excluding business acquisitions) for Q1 FY2024 was negative ¥45.4B; net cash from operations was ¥101.0B.

• Total assets at June 2024: ¥5,077.6B; shareholders' equity: ¥3,371.6B; equity ratio: 66.4%.

Outlook and guidance

• FY2024 revenue forecast revised to ¥3,150.0B (+6.4% YoY), operating income to ¥315.0B (+13.8% YoY), and net income to ¥250.0B (+2.7% YoY).

• Upward revisions reflect strong electronics and imaging performance and favorable exchange rates.

• Projected EPS for the year is ¥207.63.

• Dividend to increase for the 15th consecutive year.