Fukuyama Transporting (9075) Q3 2023 earnings summary

Executive summary

• 9M FY2023 revenue rose to ¥223,281 million, while operating and ordinary profit declined amid lower transport revenue and higher fuel and other costs; net income increased to ¥18,902 million.

• Fare revisions, wage changes and operating-efficiency measures are planned to address higher costs and the 2024 driver work-hour regulations.

Financial highlights

• 9M revenue was ¥223,281 million, up ¥3,099 million YoY (101.4% of prior year); operating expenses rose ¥3,630 million to ¥204,384 million.

• Operating income was ¥18,896 million, down ¥531 million YoY (97.3%); ordinary income was ¥20,166 million, down ¥134 million (99.3%).

• Net income attributable to owners of parent was ¥18,902 million, up ¥5,318 million YoY (139.2%).

Outlook and guidance

• FY2023 forecast: revenue ¥293,700 million (100.8% of FY2022), operating income ¥21,700 million (98.2%), and ordinary income ¥23,100 million (99.6%).

• Net income forecast is ¥20,800 million, 124.1% of FY2022 actual; forecast operating and ordinary margins are 7.4% and 7.9%, respectively.