Yokogawa Bridge Holdings (5911) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales rose 25.4% YoY to ¥87.174bn, while operating profit fell 10.8% to ¥4.003bn and profit attributable to owners of parent fell 23.5% to ¥2.289bn.

• Revenue growth reflected Br. Holdings consolidation and gains in engineered structure systems, engineering and precision equipment; weaker bridge profit weighed on earnings.

Financial highlights

• Gross profit increased to ¥12.702bn from ¥10.833bn, while SG&A rose to ¥8.698bn from ¥6.343bn; operating profit declined to ¥4.003bn from ¥4.489bn.

• Ordinary profit was ¥3.731bn, down 15.5% YoY; attributable profit was ¥2.289bn, down 23.5%; basic EPS was ¥58.18 versus ¥74.81.

• Comprehensive income was ¥1.616bn versus ¥5.082bn, including a ¥672mn valuation loss on available-for-sale securities versus a ¥2.090bn gain.

• Orders received were ¥70.274bn, down 0.4% YoY; net sales reached 44.0% of the FY forecast and operating profit 33.4%.

Outlook and guidance

• FY ending March 31, 2027 forecast remains net sales ¥198.0bn, operating profit ¥12.0bn, ordinary profit ¥11.2bn and attributable profit ¥8.2bn; basic EPS forecast is ¥209.62.

• FY2027 dividend forecast remains ¥130 per share, comprising ¥65 interim and ¥65 year-end.

• Segment forecasts keep total sales and operating profit unchanged from May; bridge sales were revised to ¥107.4bn from ¥110.0bn and operating profit to ¥7.5bn from ¥9.1bn.

• Engineering forecasts increased to ¥32.5bn sales and ¥2.3bn operating profit; engineered structure systems to ¥51.9bn and ¥5.0bn, respectively.