Mazda Motor (7261) Q4 2024 earnings summary

Executive summary

• FY March 2024 net sales, operating income and net income reached record highs; global sales rose 12% YoY to 1.241 million units.

• FY March 2025 guidance targets record operating income of ¥270.0 billion and global sales of 1.4 million units, while net income is forecast to decline 28% YoY.

Financial highlights

• FY March 2024 net sales were ¥4,827.7 billion, up 26% YoY; operating income was ¥250.5 billion, up 76%; net income was ¥207.7 billion, up 45%.

• FY March 2024 ordinary income increased 72% YoY to ¥320.1 billion; EPS rose ¥102.9 to ¥329.6.

• Q4 FY March 2024 net sales rose 12% YoY to ¥1,261.2 billion; operating income increased 55% to ¥50.3 billion and net income rose 8% to ¥42.2 billion.

• Operating income rose ¥108.5 billion YoY, led by volume and mix (+¥125.2 billion), FX (+¥53.5 billion) and cost improvement (+¥24.8 billion); fixed costs and other items reduced income by ¥83.8 billion.

Outlook and guidance

• FY March 2025 global sales forecast is 1.4 million units, up 13% YoY; North America is targeted to reach 600,000 units, up 17%.

• FY March 2025 net sales are forecast at ¥5,350.0 billion, up 11% YoY; operating income at ¥270.0 billion, up 8%.

• Ordinary income is forecast to fall 31% to ¥220.0 billion, net income to fall 28% to ¥150.0 billion, and EPS to decline to ¥238.1.

• Plans include expanding supply from Alabama and Mexico, launching a CX-50 hybrid in H2, and introducing CX-70 and CX-80 to broaden the Large product lineup.