Shimizu (1803) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 FY2024 were ¥401.0 billion, down 9.1% year-over-year; operating income fell 70.2% to ¥1.8 billion.

• Net income attributable to shareholders dropped 87.1% to ¥2.4 billion; EPS was ¥3.41, compared to ¥25.28 last year.

• Orders received decreased 4.7% year-over-year, but real estate and other contracts rose 136.4%.

Financial highlights

• Gross profit margin improved to 7.3% from 6.9% year-over-year, despite a ¥1.2 billion decrease in gross profit.

• Total assets declined to ¥2,317.8 billion from ¥2,538.8 billion at March 2024; net assets fell to ¥926.2 billion.

• Interest-bearing debt decreased by ¥111.3 billion to ¥491.9 billion.

• Comprehensive income turned negative at ¥(5.2) billion, down from ¥33.9 billion last year.

Outlook and guidance

• FY2025 consolidated net sales forecast at ¥1,800.0 billion, up 10.2% year-over-year; operating income and ordinary income both projected at ¥41.0 billion.

• Net income attributable to shareholders forecast to rise 133% to ¥40.0 billion; EPS expected at ¥56.88.

• No revision to previously announced forecasts.