Fukuyama Transporting (9075) Q2 2025 earnings summary

Executive summary

• H1 FY2025 net sales rose 3.9% YoY to ¥146,804m; operating profit fell 28.1% to ¥4,485m and ordinary profit declined 15.1% to ¥6,090m.

• Profit attributable to owners rose 24.5% to ¥5,460m, supported by gains on investment securities sales; EPS increased to ¥135.01 from ¥108.32.

• Recovering shipment volumes, more full-truckload jobs and higher warehouse handling lifted sales, while outsourcing and other transport costs weighed on operating profit.

Financial highlights

• Gross profit declined to ¥8,977m from ¥10,363m as cost of sales increased to ¥137,826m.

• Revenue increased ¥5,574m YoY to ¥146,804m; operating expenses rose ¥7,326m to ¥142,318m.

• Total assets were ¥493,619m and net assets ¥289,024m at September 30, 2024, down from ¥503,391m and ¥296,415m, respectively, at March 31, 2024.

Outlook and guidance

• FY2025 forecast: revenue ¥300,700m, operating profit ¥6,700m, ordinary profit ¥9,100m and net income ¥8,000m; operating and ordinary profit forecasts were cut from ¥12,000m and ¥13,500m.

• Revenue is forecast at 104.6% of FY2024 actual; operating profit at 64.1%, ordinary profit at 70.1% and net income at 102.1%.

• Lower-than-expected H2 volume recovery and delayed price pass-through led to a ¥2,000m reduction in H2 transport revenue; higher outsourcing costs drove a ¥5,300m operating profit forecast cut.

• Full-year EPS is forecast at ¥198.99 and annual dividend at ¥70.00 per share.