Yamaichi Electronics (6941) Q3 2024 earnings summary

Executive summary

• Q3 FY2023 net sales fell 27.1% YoY to ¥27.0bn and operating income declined 75.5% to ¥1.9bn, amid weak demand and inventory adjustments across key markets.

Financial highlights

• Net sales ¥27.0bn vs. ¥37.0bn YoY; operating income ¥1.9bn vs. ¥7.8bn; ordinary income ¥1.9bn vs. ¥8.2bn.

• Net profit ¥1.3bn vs. ¥5.8bn; EPS ¥67.60 vs. ¥281.37.

Outlook and guidance

• FY2023 forecast unchanged from Nov. 7: net sales ¥38.4bn, operating income ¥2.9bn, ordinary income ¥2.8bn, net profit ¥2.0bn, and EPS ¥97.50.

• TS expects new smartphone-related socket shipments for FY2024 models, recovery in DRAM socket investment, and strength in automotive logic sockets; CS expects telecom/datacom recovery, but continued FA/industrial weakness.

• Raw-material and energy cost growth and new factory startup costs are expected to remain an earnings headwind; productivity and quality efforts aim to limit the impact.