ULVAC (6728) Q4 2024 earnings summary

Executive summary

• Orders received, net sales, and all profit items significantly exceeded both year-over-year and plan, with net sales at ¥261.1 billion and gross profit margin at 30.9%, the highest since listing.

• FY24/6 dividend set at ¥144 per share, a record high and ¥30 above previous forecast.

• Strong performance driven by increased investment in power devices, batteries, and materials, and a high order backlog.

Financial highlights

• Net sales: ¥261.1 billion (+15% YoY, +7% vs. plan); gross profit: ¥80.7 billion (+20% YoY); gross profit margin: 30.9% (+1.4pt YoY).

• Operating profit: ¥29.8 billion (+49% YoY, +29% vs. plan); operating profit margin: 11.4% (+2.6pt YoY).

• Profit attributable to owners: ¥20.2 billion (+43% YoY); dividend per share: ¥144 (+¥35 YoY).

• Quarterly net sales and profits showed strong growth, especially in Q4 FY24/6.

Outlook and guidance

• FY25/6 forecast: orders received ¥270 billion (+5% YoY), net sales ¥275 billion (+5% YoY), operating profit ¥34.5 billion (+16% YoY), gross profit margin 32.4%, operating profit margin 12.5%.

• Mid-term plan (FY26/6): net sales target ¥300 billion, gross profit margin 35%, operating profit ¥48 billion (16% margin).

• Growth expected from semiconductors, OLEDs, batteries, and components, with full-scale EV battery investment from FY26/6.