Fukuda (1899) Q2 2024 earnings summary

Executive summary

• Revenue and profit increased year-over-year, with net sales up 8.3% to ¥75,718 million and operating profit up 129.9% to ¥3,530 million, driven by strong real estate and construction sales.

• Net income attributable to shareholders grew 126.4% year-over-year to ¥2,460 million.

• Comprehensive income increased to ¥2,853 million from ¥1,351 million year-over-year.

Financial highlights

• Gross profit increased 34.6% year-over-year to ¥8,396 million.

• Earnings per share rose to ¥297.35 from ¥128.06 year-over-year.

• Total assets grew to ¥142,221 million from ¥136,731 million as of December 31, 2023.

• Net assets increased to ¥82,251 million from ¥80,333 million as of December 31, 2023.

• Net cash provided by operating activities was ¥29,525 million, up from ¥26,772 million year-over-year.

Outlook and guidance

• Full-year forecasts remain unchanged for revenue at ¥166,400 million and net income at ¥3,900 million, with EPS forecast at ¥471.27.

• Operating profit projected at ¥5,800 million (up 11.4%), ordinary profit at ¥6,000 million (up 9.5%).

• Progress rates at the second quarter: 45.5% for revenue and over 60% for profits.

• Cautious outlook for construction progress due to labor shortages and high material costs.