Noritz (5943) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, was ¥141.2 billion, down 2.5% year-over-year; operating loss was ¥415 million versus a ¥832 million profit last year.

• Ordinary profit declined 59.2% year-over-year to ¥412 million; net income attributable to shareholders surged 309.8% to ¥2.35 billion.

• Domestic business saw sales of ¥90.6 billion (down 1.8%) and a segment loss of ¥1.19 billion; overseas business sales were ¥50.6 billion (down 3.7%) with segment profit of ¥777 million (down 66%).

Financial highlights

• Gross profit for the period was ¥44.2 billion, down from ¥45.9 billion year-over-year.

• EPS for the period was ¥50.88, up from ¥12.43 in the prior year.

• Comprehensive income was ¥6.97 billion, a 25.3% decrease year-over-year.

• Total assets at period-end were ¥208.6 billion, with net assets of ¥130.95 billion.

• Equity ratio improved to 60.6% from 58.7% at the previous year-end.

Outlook and guidance

• Full-year revenue forecast remains at ¥205 billion, up 1.5% year-over-year.

• Operating profit forecast is ¥3.2 billion (down 16.7%), ordinary profit ¥4.2 billion (up 237.3%), and net income ¥4.7 billion (up 440.9%).

• No changes to previously announced guidance as of August 8, 2024.