Seino Holdings Co (9076) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 revenue rose 3.4% to ¥164,632 million and operating income increased 6.3% to ¥6,546 million, supported by transport pricing and automotive sales growth.

• Net income attributable to owners of the parent fell 27.9% to ¥3,195 million; lower equity-method earnings and building-removal costs weighed on results.

• Daily transport volume turned positive YoY for the first time in six quarters; ordinary profit declined 1.4% to ¥6,948 million and comprehensive income fell 69.1% to ¥3,567 million.

Financial highlights

• Gross profit rose 5.8% to ¥19,039 million; SG&A increased 5.5% to ¥12,492 million.

• Basic earnings per share decreased to ¥19.00 from ¥24.39 year-over-year.

• Gross margin was 11.6%, up 0.3 percentage points; operating margin was 4.0%, up 0.1 points.

• Total assets were ¥690,295 million and net assets were ¥429,318 million as of June 30, 2024; the equity-to-asset ratio was 61.5%.

• First-half progress was 51.9% of the revenue forecast, 54.6% for operating income, and 42.6% for net income.

Outlook and guidance

• Full-year FY2025 revenue is forecast at ¥658,700 million, up 2.5%; operating profit at ¥30,900 million, up 32.0%; and profit attributable to owners of parent at ¥19,400 million, up 33.2%.

• Annual dividend forecast remained unchanged at ¥100 per share; full-year earnings forecasts were maintained.

• General freight unit price was 103.4% of prior-year levels in June and 103.9% in July preliminary results; H1 and full-year assumptions were 102.7% and 103.9%.

• Improved freight pricing is expected to continue into Q2 and beyond; the impact of the October 1 consolidation is under review.