Fukuyama Transporting (9075) Q3 2024 earnings summary

Executive summary

• 9M FY3/24 revenue fell 2.3% YoY to ¥218.3bn; operating profit declined 42.1% to ¥10.9bn and net income fell 60.6% to ¥7.4bn.

• Lower transport volumes and higher labor and property costs weighed on earnings; measures for the 2024 logistics issue increased outsourcing costs.

Financial highlights

• Revenue was ¥218,254mn versus ¥223,281mn; operating expenses rose to ¥207,310mn from ¥204,384mn.

• Operating profit was ¥10,944mn, down ¥7,952mn YoY; operating margin was 5.0%, versus 8.5%.

• Ordinary profit was ¥12,523mn, down ¥7,643mn YoY; margin was 5.7%, versus 9.0%.

• Net income attributable to owners of parent was ¥7,447mn, down ¥11,454mn YoY.

Outlook and guidance

• FY3/24 forecast: revenue ¥287,200mn, operating profit ¥11,500mn (4.0% margin), ordinary profit ¥13,000mn (4.5% margin), and net income ¥8,800mn.

• Forecast YoY comparisons are 97.9% for revenue, 53.8% for operating profit, 56.6% for ordinary profit, and 42.3% for net income.