Hoshizaki (6465) Q4 2024 earnings summary

Executive summary

• Achieved record high sales and operating income in FY2024, driven by strong domestic demand and overseas expansion, especially in India and through new consolidated companies.

• Net sales for FY2024 rose 19.3% year-over-year to ¥445,495 million, with operating profit up 18.3% to ¥51,479 million and profit attributable to owners up 13.2% to ¥37,170 million.

• Comprehensive income increased 31.0% year-over-year to ¥66,319 million.

• Overseas sales ratio rose to 51.2%, reflecting significant international growth and favorable currency effects.

Financial highlights

• Sales reached 445.5 billion yen, up 19.3% year-over-year; operating income was 51.5 billion yen, up 18.3%.

• Ordinary income increased 14.9% to 57.8 billion yen; profit attributable to owners of parent rose 13.2% to 37.2 billion yen.

• Gross profit margin improved to 37.4% from 36.4% year-over-year.

• Earnings per share for FY2024 were ¥258.49, up from ¥226.66 in FY2023.

• Return on equity was 10.7%, and operating profit margin was 11.6% for FY2024.

Outlook and guidance

• FY2025 sales forecast at 460 billion yen (+3.3% YoY); operating income projected at 53.5 billion yen (+3.9%).

• Profit attributable to owners of parent expected to rise 3.0% to 38.3 billion yen.

• Earnings per share forecast for FY2025 is ¥270.84, factoring in treasury share acquisition.

• Annual dividend forecast for FY2025 is ¥105.00 per share.

• Ordinary income forecast to decrease 3.3% to 55.9 billion yen, with no foreign exchange gains assumed.