Lasertec (6920) Q4 2024 earnings summary

Executive summary

• Achieved record-high net sales and profits in FY2024, surpassing forecasts due to strong semiconductor demand, favorable exchange rates, and early product acceptance.

• Orders grew 46.2% to ¥272.8B and backlog rose 14.7% to ¥462.2B, both at historic highs.

• Addressed and denied allegations of improper accounting, referencing timely disclosures and an independent investigation.

• Launched a new six-year Mid-term Business Plan focused on rapid product development and customer relationships.

Financial highlights

• FY2024 net sales: ¥213.5B (+39.7% YoY); operating income: ¥81.4B (+30.6% YoY); net income: ¥59.1B (+28.0% YoY).

• Gross profit: ¥107.5B (+27.9% YoY); gross margin: 50.3%; operating margin: 38.1%.

• Cash and cash equivalents at year-end: ¥38.1B, up ¥8.4B from prior year.

• Dividend per share for FY2024: ¥230, payout ratio 35%.

• Equity ratio improved to 55.8% from 40.2% YoY.

Outlook and guidance

• FY2025 forecast: net sales ¥240.0B (+12.4% YoY), operating income ¥104.0B (+27.8% YoY), net income ¥74.0B (+25.3% YoY).

• Service revenue expected to grow 48.4% YoY to ¥43.0B; capital expenditure to more than double.

• Dividend forecast for FY2025: ¥288/share, maintaining a 35% payout ratio.

• Continued growth expected in the semiconductor market, driven by AI, IoT, and advanced device technologies.