Isuzu Motors (7202) Q3 2025 earnings summary

Executive summary

• Profits and net sales declined as overseas unit sales dropped and material costs rose, outweighing gains from price realization and yen depreciation.

• CV unit sales increased in Japan but fell short of expectations; overseas CV and LCV sales decreased, especially in North America, Europe, and Thailand.

• Comprehensive income decreased 34.5% year-over-year to 170.5 billion yen.

Financial highlights

• Sales for FY2025 Q3 were 2,355.8 billion yen, down 7% year-over-year; operating income fell 24% to 192.5 billion yen; net income declined 31% to 109.9 billion yen.

• Q3 (Oct–Dec) sales were 819.5 billion yen, down 9% year-over-year; operating income dropped 43% to 63.3 billion yen; net income for Q3 was 40.7 billion yen, a 43% decrease.

• Gross profit for the nine months ended December 31, 2024, was 494.3 billion yen, down from 528.5 billion yen year-over-year.

• Ordinary income declined 24.3% to 204.6 billion yen; EPS was 148.34 yen, down from 206.31 yen year-over-year.

• Cash and cash equivalents at period end were 369.3 billion yen, a decrease of 15.5 billion yen from the previous fiscal year end.

Outlook and guidance

• Full-year FY2025 forecast remains unchanged: net sales of 3,250 billion yen, operating income of 230 billion yen, net income of 135 billion yen, and EPS of 183.76 yen.

• No revisions to sales, income, or dividend forecasts; dividend per share maintained at 92 yen.

• CV unit sales in Japan expected to recover; overseas CV sales forecast increased, but North America revised downward.

• LCV sales in Thailand revised down by 4,000 units; export market outlook unchanged.