ZERO (9028) Q2 2024 earnings summary

Executive summary

• H1 FY June 2024 revenue was ¥64,399 million, up 0.2% YoY; operating profit rose 8.7% to ¥2,328 million.

• Vehicle-transport revenue benefited from recovery in the domestic auto market, while used-car export revenue was constrained by vessel capacity and industry disruption.

• Full-year guidance was maintained, with January 2024 vehicle-transport rate increases averaging 20% across customer charges and payments to partner carriers.

Financial highlights

• Revenue was ¥64,399 million vs. ¥64,247 million in H1 FY June 2023; operating profit was ¥2,328 million vs. ¥2,143 million.

• Profit before tax was ¥2,338 million vs. ¥2,141 million; profit attributable to owners was ¥1,469 million vs. ¥1,436 million.

• Basic EPS was ¥87.04 vs. ¥85.30; interim dividend remained ¥15.0 per share.

Outlook and guidance

• FY June 2024 forecast: revenue ¥121,000 million, operating profit ¥5,200 million, profit before tax ¥5,200 million and attributable profit ¥3,500 million.

• Forecast operating margin is 4.3%; EPS is ¥207.64 and the dividend outlook is ¥15.0 interim plus ¥36.9 year-end.

• Guidance was unchanged, reflecting the Daihatsu impact and trends in the used-car industry.