Tazmo (6266) Q2 2024 earnings summary

Executive summary

• Net sales for the six months ended June 30, 2024, rose 55.6% year-over-year to ¥16,239 million, with profit exceeding plan due to lower SG&A expenses and delayed R&D spending.

• Operating profit increased 425.5% to ¥2,836 million and ordinary profit rose 321.8% to ¥2,981 million year-over-year.

• Profit attributable to owners of parent surged to ¥2,067 million from ¥137 million year-over-year.

• Comprehensive income for the period reached ¥2,862 million, up from ¥726 million in the prior year.

• Sales delayed in Q1 progressed smoothly in Q2, maintaining the planned trend despite some shortfalls.

Financial highlights

• Gross profit for the six months was ¥5,534 million, up 93.3% year-over-year.

• Earnings per share surged to ¥141.20 from ¥9.42 year-over-year.

• Total assets increased to ¥50,536 million as of June 30, 2024, from ¥47,428 million at year-end 2023.

• Net assets rose to ¥22,627 million, with an equity ratio of 44.0%.

• Net income attributable to owners of parent surged to ¥2,067 million, a 1,408.7% increase year-over-year.

Outlook and guidance

• Full-year 2024 forecast projects net sales of ¥36,000 million (up 27.8% year-over-year), operating profit of ¥4,600 million (up 25.9%), and profit attributable to owners of parent of ¥3,060 million (up 15.7%).

• Full-year earnings per share forecast is ¥209.48.

• Dividend forecast for 2024 is ¥30 per share.

• 45.1% of the net sales plan, 61.7% of the operating income plan, 66.2% of the ordinary income plan, and 67.5% of the net income plan were achieved by Q2.