Nitto Boseki (3110) Q1 2025 earnings summary

Executive summary

• Net sales rose 28.7% year-over-year to ¥26.1B, with operating profit up 341.4% to ¥3.9B, driven by strong Special Glass and high-value-added product sales, and favorable forex impacts.

• Net profit increased to ¥3.3B, up 206.9% year-over-year, with in vitro diagnostic reagents and Special Glass as key contributors.

• The company launched a new Medium-Term Management Plan (FY2024-2027) targeting global niche leadership in Environment/Energy, Digital Society, and Health/Safety/Security.

Financial highlights

• Net sales reached ¥26.1B, up 28.7% year-over-year; operating profit ¥3.9B, up 341.4%; net profit ¥3.3B, up 206.9%.

• EBITDA was ¥5.8B, up 122.6%; ordinary profit grew to ¥4.8B, up 153.1%.

• Gross profit increased to ¥9.6B, with gross margin improving.

• Basic earnings per share for the quarter was ¥89.31, up from ¥29.10 a year earlier.

• Comprehensive income reached ¥4.7B, up 90.8% year-over-year.

Outlook and guidance

• FY2024 full-year net sales forecast at ¥109.0B, up ¥15.7B from FY2023; operating profit forecast at ¥15.0B; profit attributable to owners of parent at ¥10.5B.

• Upward revision driven by strong Q1 results and foreign exchange gains from yen depreciation.

• Strong Special Glass sales expected to continue, with record sales anticipated for data center and semiconductor applications.

• Medical segment to maintain stable profitability, though higher R&D and labor costs may pressure margins.

• Basic earnings per share forecast for the year raised to ¥288.40.