Ifuji Sangyo (2924) Q3 2023 earnings summary

Executive summary

• Q3 FY2023 cumulative revenue, operating profit and ordinary profit reached record highs for the period, supported by higher liquid-egg sales volumes and selling prices.

• Revenue rose 6.9% YoY to ¥14,619m; operating profit increased 3.3% to ¥1,125m, while attributable net income declined 5.7% to ¥797m.

Financial highlights

• Revenue was ¥14,619m (+6.9% YoY), operating profit ¥1,125m (+3.3%), and ordinary profit ¥1,156m (+3.9%).

• Attributable net income was ¥797m (-5.7% YoY); prior-year net income included a ¥72m additional deferred tax asset recognition, with no comparable addition this period.

• Comprehensive income was ¥800m, down from ¥836m in the prior-year period.

Outlook and guidance

• FY2023 guidance remains unchanged: revenue ¥18,059m (+3.6%), operating profit ¥1,333m (+0.6%), ordinary profit ¥1,358m (+0.1%) and net income ¥919m (-7.7%).

• Forecast EPS is ¥112.13; results were described as generally progressing as planned, despite uncertainty in egg supply and market prices.