Isuzu Motors (7202) Q4 2024 earnings summary

Executive summary

• FY2024 net sales rose 6.0% YoY to ¥3,386.7bn; operating income increased 15.6% to ¥293.1bn and parent-attributable net income rose 16.3% to ¥176.4bn.

• Total vehicle sales fell 11.3% to 666,809 units as overseas CV and LCV volumes declined, while Japan volumes improved; price realization, cost reductions and yen weakness supported profit growth.

Financial highlights

• Gross profit increased to ¥680.2bn from ¥595.2bn; ordinary income reached ¥313.0bn, up 16.0% YoY, and comprehensive income rose to ¥323.1bn from ¥224.4bn.

• Net income attributable to owners was ¥176.4bn versus ¥151.7bn; EPS was ¥229.92 versus ¥195.75.

• Japan sales rose 12.0% to ¥1,108.9bn and overseas sales increased 3.3% to ¥2,277.8bn.

Outlook and guidance

• FY2025 forecast: net sales ¥3,350bn (-1.1%), operating income ¥260bn (-11.3%), ordinary income ¥275bn (-12.2%), parent-attributable net income ¥160bn (-9.3%) and EPS ¥213.71.

• Japan vehicle sales are targeted to grow through new-model expansion; overseas unit sales are expected to stay near FY2024 levels, with significant LCV declines in Thailand and lower export volumes as backorders normalize.

• Higher material costs and lower LCV volumes are expected to pressure earnings; price realization and cost reductions are planned to limit the impact.