Mabuchi Motor (6592) Q3 2024 earnings summary

Executive summary

• Net sales for the nine months ended September 30, 2024, rose 13.2% year-over-year to ¥146,098 million, driven by higher motor sales volume and value, especially in automotive and life/industrial markets.

• Operating income surged 80.8% year-over-year to ¥15,925 million, supported by improved sales prices, product mix, and a weaker yen.

• Ordinary income declined 9.4% year-over-year to ¥18,159 million due to foreign exchange losses, while profit attributable to owners of parent dropped 28.0% to ¥11,064 million.

Financial highlights

• Gross profit increased from ¥30,193 million to ¥39,090 million year-over-year.

• EPS for the nine months was ¥86.87, reflecting the impact of a stock split effective January 1, 2024.

• Comprehensive income fell sharply to ¥12,404 million from ¥38,708 million year-over-year.

• Total assets as of September 30, 2024, were ¥332,878 million, down from ¥336,605 million at the previous year-end.

• Net assets decreased to ¥303,253 million, with an equity ratio of 91.1%.

Outlook and guidance

• Full-year net sales forecast is ¥189,000 million, up 5.8% year-over-year.

• Operating income is projected at ¥18,900 million (+21.6%), ordinary income at ¥23,900 million (–11.5%), and profit attributable to owners of parent at ¥15,400 million (–20.7%).

• Profit per share for the full year is forecast at ¥119.39.

• Forecasts remain unchanged despite foreign exchange losses and ongoing global economic uncertainty.