Hibiya Engineering (1982) Q1 2024 earnings summary

Executive summary

• Q1 FY3/24 orders rose 11.7% YoY to ¥21,303 million; net sales increased 29.6% to ¥16,165 million, led by carried-over construction projects and data center and redevelopment orders.

• Profitability recovered: operating profit was ¥406 million versus a ¥128 million loss YoY; ordinary profit reached ¥796 million and profit attributable to owners of parent was ¥540 million.

Financial highlights

• Gross profit increased 32.7% YoY to ¥2,322 million; SG&A was ¥1,916 million versus ¥1,878 million in Q1 FY3/23.

• Comprehensive income rose to ¥2,051 million from ¥213 million, including ¥1,486 million of valuation gains on available-for-sale securities.

Outlook and guidance

• FY3/24 forecast unchanged: net sales ¥85,000 million (+1.2% YoY), operating profit ¥5,000 million (-16.0%), ordinary profit ¥5,500 million (-16.9%) and parent-attributable profit ¥3,800 million (-18.2%).

• FY3/24 forecast EPS is ¥165.60; no change to the forecast announced May 11, 2023.