Furuno Electric (6814) Q2 2025 earnings summary

Executive summary

• Achieved record results in the 2nd quarter of FY 2024, with revenue for the first half rising 18.4% year-over-year to ¥62,801 million, driven by strong demand in both domestic and overseas Marine business and growth in Industrial business, particularly Defense Equipment, with all segments achieving higher sales and profits.

• Operating income surged 95.7% year-over-year to ¥7,299 million, and net income attributable to shareholders increased 54.5% to ¥5,067 million.

• The company is in the second year of its mid-term plan, focusing on profit improvement, business scale expansion, and sustainable management.

• Upward revision of full-year forecasts for sales and profit, aiming to achieve corporate vision targets ahead of schedule.

Financial highlights

• Net sales rose 18.4% year-over-year to ¥62,801 million in Q2 FY 2024, with gross profit up 27.2% to ¥26,433 million.

• Operating profit surged 95.7% year-over-year to ¥7,299 million; ordinary profit up 66.0% to ¥7,514 million.

• Profit attributable to owners of parent increased 54.5% year-over-year to ¥5,067 million; EPS for the half-year was ¥160.42, up from ¥103.92.

• Comprehensive income reached ¥8,567 million, a 46.4% increase year-over-year.

• Gross profit margin improved from 39.2% to 42.1% year-over-year; SG&A expenses increased 12.2% but as a percentage of sales, decreased from 32.2% to 30.5%.

Outlook and guidance

• FY 2024 net sales forecast revised upward to ¥123,000 million, operating profit to ¥11,000 million, and profit attributable to owners of parent to ¥7,500 million; EPS forecast to ¥237.40.

• Dividend forecast revised upward to ¥75 per share for the full year.

• Demand in Marine business expected to remain strong; company aims to achieve long-term vision targets ahead of schedule.