Isuzu Motors (7202) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 profit increased despite lower LCV sales and higher material costs, driven by price realization and a weaker yen.

• Net sales for Q1 FY2025 were ¥747.95 billion, down 3.5% year-over-year; operating income rose 12.1% to ¥76.91 billion, and net income attributable to owners increased 4.2% to ¥46.91 billion.

• Comprehensive income decreased 15.5% year-over-year to ¥87.91 billion.

• Cash and cash equivalents at quarter-end increased by ¥63.8 billion to ¥448.7 billion, driven by strong operating and financing cash flows.

• CV unit sales remained stable year-over-year in both Japan and overseas, while LCV units dropped sharply, especially in Thailand.

Financial highlights

• Q1 FY2025 sales were ¥748.0B, down 4% year-over-year; operating income rose 12% to ¥76.9B.

• Ordinary income increased 11% to ¥83.2B; net income grew 4% to ¥46.9B compared to Q1 FY2024.

• Operating income margin improved to 10.3% from 8.8% year-over-year.

• Total assets declined by ¥21.0 billion to ¥3,242.0 billion, while net assets rose slightly to ¥1,659.6 billion.

• Interest-bearing liabilities increased by ¥37.2 billion to ¥594.0 billion.

Outlook and guidance

• Full-year CV sales outlook unchanged; LCV sales forecast revised down by 30,000 units due to weak Thai market.

• FY2025 sales forecast remains at ¥3,350.0B, with operating income at ¥260.0B and net income at ¥160.0B.

• Dividend forecast maintained at ¥92 per share; total shareholder return ratio projected at 90%.

• Forecast incorporates risks from global economic trends and exchange rate fluctuations.

• EPS forecast for FY2025 is ¥213.71.