Noritz (5943) Q1 2025 earnings summary

Executive summary

• Net sales for 1Q 2025 reached ¥52.8 billion, up 4.6% year-over-year, with operating income at ¥2.0 billion, a 160.8% increase, and net income attributable to shareholders at ¥1.4 billion, up 398.3% year-over-year.

• Domestic business drove growth with strong sales of high value-added and high-efficiency water heaters, while overseas business saw lower sales but improved income due to cost controls.

Financial highlights

• Operating margin for 1Q 2025 improved to 3.8% from 1.2% in 1Q 2024.

• Ordinary income rose to ¥2.1 billion, up 172.6% year-over-year.

• Net cash provided by operating activities in 2024 was ¥8.6 billion, with cash and cash equivalents at ¥28.2 billion at 1Q 2025.

Outlook and guidance

• No changes to the previously announced full-year forecast; 2025 plan targets net sales of ¥205.0 billion and operating income of ¥3.0 billion.