Micronics Japan (6871) Q2 2024 earnings summary

Executive summary

• Achieved record-high order intake and sales for the quarter, driven by strong demand in memory and non-memory probe cards, as well as robust test equipment sales.

• Net sales for the six months ended June 30, 2024, rose 54.1% year-over-year to ¥26,171 million, with operating profit up 229.3% to ¥5,764 million and profit attributable to owners of parent up 222.4% to ¥3,685 million.

• Memory probe cards maintained high production rates, with non-memory cards recovering due to automotive and other applications.

• Segment income remained high for probe cards, while test equipment showed sales growth but continued to record a segment loss.

• Earnings per share increased to ¥95.53 from ¥29.64 in the prior-year period.

Financial highlights

• Q2 FY12/2024 net sales reached ¥14,376 million, up 21.9% sequentially and 99.2% year-over-year.

• Operating income for Q2 was ¥3,255 million, up 29.8% sequentially and a turnaround from a loss last year.

• Net income attributable to owners was ¥2,414 million, up 90% sequentially and significantly higher year-over-year.

• Gross profit for Q2 was ¥6,735 million, up 15.7% sequentially and 175.6% year-over-year.

• Gross profit for the first half increased to ¥12,559 million from ¥7,153 million year-over-year, with gross margin improving.

Outlook and guidance

• FY12/2024 full-year net sales forecast at ¥55,000 million, up 43.6% year-over-year.

• Operating income projected at ¥11,600 million, up 118.4% year-over-year.

• Net income attributable to owners forecasted at ¥8,300 million, up 101.1% year-over-year.

• Dividend forecast raised to ¥65 per share, nearly double the previous year.

• EPS for the full year projected at ¥215.12.