Hamamatsu Photonics (6965) Q3 2024 earnings summary

Executive summary

• Net sales for the nine months ended June 30, 2024, were JPY 150,548 million, down 8.5% year-over-year, with operating profit down 41.1% and profit attributable to owners of parent down 37.1%.

• Decreases in sales and earnings were attributed to post-COVID demand normalization, inventory adjustments, and weaker demand in medical and industrial fields.

• The company revised its full-year forecast downward, expecting net sales of JPY 205,700 million and profit attributable to owners of parent of JPY 24,900 million.

Financial highlights

• Operating profit for the nine months was JPY 25,302 million, down 41.1% year-over-year; ordinary profit was JPY 27,911 million, down 37.7%.

• Earnings per share for the nine months was JPY 131.80, compared to JPY 209.70 in the prior year period.

• Gross profit margin declined as gross profit fell to JPY 76,407 million from JPY 89,413 million year-over-year.

• Comprehensive income for the nine months was JPY 29,484 million, down 17.6% year-over-year.

Outlook and guidance

• Full-year forecast revised downward: net sales JPY 205,700 million (down 2.6% from previous forecast), operating profit JPY 32,000 million (down 14.7%), and EPS JPY 160.78.

• Earnings expected to fall below previous guidance due to greater-than-expected inventory adjustments and end of COVID-19 special demand.

• Recovery in sales anticipated for fiscal year ending September 2025 based on current market and order trends.