Japan Elevator Service (6544) Q4 2024 earnings summary

Executive summary

• FY Mar 2024 net sales and profits exceeded revised forecasts, reaching records; sales rose 20.9% YoY and operating profit rose 36.1%.

• Maintenance contracts surpassed 100,000, with organic growth exceeding 10,000 units for the first time; modernization and repair sales also accelerated.

Financial highlights

• Net sales rose 20.9% YoY to ¥42,216 million; operating profit increased 36.1% to ¥6,821 million.

• Ordinary profit increased 34.3% YoY to ¥6,851 million; profit attributable to owners of the parent rose 43.2% to ¥4,515 million.

• EBITDA increased 31.0% YoY to ¥8,494 million; EPS rose 43.0% to ¥50.71.

Outlook and guidance

• FY Mar 2025 forecast: net sales ¥47,000 million, up 11.3%; operating profit ¥8,000 million at a 17.0% margin; ordinary profit ¥8,000 million.

• FY Mar 2025 forecast profit attributable to owners of the parent is ¥5,100 million, up 12.9% YoY; record sales and profits are expected.

• Maintenance and repair sales are forecast at ¥28,800 million and modernization at ¥16,800 million; strong demand and JIK operations support growth.

• FY Mar 2025 capital expenditure is forecast at ¥2.06 billion and depreciation at ¥1.70 billion.