Fukuyama Transporting (9075) Q1 2024 earnings summary

Executive summary

• Q1 FY Mar 2024 revenue was ¥71,685 million, down 2.0% YoY; lower transport volumes and international freight rates outweighed growth in distribution processing and other businesses.

• Operating profit fell to ¥4,288 million and net income attributable to owners to ¥3,381 million, pressured by lower transport revenue and higher labor and property costs.

Financial highlights

• Revenue ¥71,685 million, down ¥1,476 million YoY; operating expenses ¥67,397 million, up ¥973 million.

• Operating profit ¥4,288 million, down ¥2,449 million YoY; ordinary profit ¥5,077 million, down ¥2,271 million.

• Net income attributable to owners ¥3,381 million, down ¥1,556 million YoY.

Outlook and guidance

• FY Mar 2024 forecast: revenue ¥295,600 million, operating profit ¥19,300 million, ordinary profit ¥21,000 million, and net income ¥13,900 million.

• Forecast YoY: revenue 100.8%, operating profit 90.3%, ordinary profit 91.4%, and net income 66.9% of FY Mar 2023 results.

• Forecast operating margin 6.5% versus 7.3% in FY Mar 2023; ordinary profit margin 7.1% versus 7.8%.