Yamaichi Electronics (6941) Q1 2024 earnings summary

Executive summary

• Q1 FY2023 net sales fell 33.1% YoY to ¥8.8bn; operating income declined 81.5% to ¥0.5bn and net profit fell 86.6% to ¥0.3bn.

• Weak demand and customer production adjustments in smartphone- and PC-related semiconductor products weighed on results, while automotive-related products provided pockets of strength.

Financial highlights

• Net sales were ¥8.8bn versus ¥13.1bn YoY; operating income was ¥0.5bn versus ¥3.2bn, and ordinary income was ¥0.6bn versus ¥3.6bn.

• Net profit was ¥0.3bn versus ¥2.5bn YoY; EPS was ¥16.76 versus ¥122.69, while BPS rose to ¥1,769.62 from ¥1,591.14.

Outlook and guidance

• Revised 1H FY2023 forecast: net sales ¥18.3bn, operating income ¥1.2bn, ordinary income ¥1.2bn, net profit ¥0.9bn and EPS ¥45.19.

• Full-year FY2023 forecast was withdrawn and remains undetermined amid significant changes in the semiconductor market; an updated forecast will follow when a reasonable plan can be formulated.

• Smartphone- and PC-related semiconductor demand weakness and major-customer production adjustments are expected to persist longer than initially forecast; rising energy prices and elevated raw-material and transport costs also pressure income.