Reported Earnings • May 19
First quarter 2026 earnings released: EPS: JP¥32.59 (vs JP¥13.54 in 1Q 2025) First quarter 2026 results: EPS: JP¥32.59 (up from JP¥13.54 in 1Q 2025). Revenue: JP¥302.2b (up 5.0% from 1Q 2025). Net income: JP¥8.57b (up 141% from 1Q 2025). Profit margin: 2.8% (up from 1.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Live News • May 17
Sumitomo Rubber Grows Q1 Profit Reaffirms 2026 Outlook and Plans Dividend Increase Sumitomo Rubber reported first-quarter 2026 sales revenue that was 5.0% higher year on year, with profit rising and margins improving.
The company reaffirmed its full-year 2026 outlook and plans for a dividend increase, indicating confidence in its earnings profile and shareholder return policy.
Management detailed changes in group structure, tire production capacity plans, and capital expenditure and depreciation trends, highlighting a focus on operational efficiency and long-term investment.
The combination of higher profitability, a maintained 2026 outlook, and a planned dividend increase indicates that management views its current earnings and cash flow position as supportive of both reinvestment and returns to shareholders.
Investors may want to pay close attention to how the planned capacity adjustments and capital spending track against the company’s margin performance and cash generation over the coming quarters. Declared Dividend • Apr 11
Final dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 29th June 2026 Payment date: 7th September 2026 Dividend yield will be 3.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥192 (up from JP¥37.51 in FY 2024). Revenue: JP¥1.21t (flat on FY 2024). Net income: JP¥50.4b (up 411% from FY 2024). Profit margin: 4.2% (up from 0.8% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,247, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Auto Components industry in Japan. Total returns to shareholders of 101% over the past three years. Price Target Changed • Feb 26
Price target increased by 7.1% to JP¥2,803 Up from JP¥2,618, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of JP¥2,743. Stock is up 57% over the past year. The company is forecast to post earnings per share of JP¥259 for next year compared to JP¥192 last year. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥192 (up from JP¥37.51 in FY 2024). Revenue: JP¥1.21t (flat on FY 2024). Net income: JP¥50.4b (up 411% from FY 2024). Profit margin: 4.2% (up from 0.8% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 12
Sumitomo Rubber Industries, Ltd., Annual General Meeting, Mar 26, 2026 Sumitomo Rubber Industries, Ltd., Annual General Meeting, Mar 26, 2026. New Risk • Jan 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 March 2026. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.8%). Price Target Changed • Dec 06
Price target increased by 7.6% to JP¥2,181 Up from JP¥2,027, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of JP¥2,222. Stock is up 31% over the past year. The company is forecast to post earnings per share of JP¥181 for next year compared to JP¥37.51 last year. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥44.28 (up from JP¥132 loss in 3Q 2024). Revenue: JP¥289.4b (flat on 3Q 2024). Net income: JP¥11.6b (up JP¥46.3b from 3Q 2024). Profit margin: 4.0% (up from net loss in 3Q 2024). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Nov 12
Sumitomo Rubber Industries, Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025 Sumitomo Rubber Industries, Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2025. For the full year, the company expects sales revenue of JPY 1,200,000 million against previous forecast of JPY 1,215,000 million, operating profit of JPY 84,000 million against previous forecast of JPY 84,000 million, profit attributable to owners of parent of JPY 45,000 million against previous forecast of JPY 45,000 million. Basic profit per share expected to be JPY 171.16. Declared Dividend • Sep 06
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th December 2025 Payment date: 30th March 2026 Dividend yield will be 3.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Sep 03
Sumitomo Rubber Industries, Ltd. to Report Q3, 2025 Results on Nov 12, 2025 Sumitomo Rubber Industries, Ltd. announced that they will report Q3, 2025 results on Nov 12, 2025 Announcement • Aug 30
Sumitomo Rubber Industries, Ltd. (TSE:5110) signed an acquisition agreement to acquire remaining majority stake in Viaduct, Inc. from a group of shareholders for approximately $100 million. Sumitomo Rubber Industries, Ltd. (TSE:5110) signed an acquisition agreement to acquire remaining majority stake in Viaduct, Inc. from a group of shareholders for approximately $100 million on August 27, 2025. A cash consideration of $104 million (approximately ¥15.3 billion) will be paid by Sumitomo Rubber Industries, Ltd. The acquisition accelerate the global expansion of Sumitomo's predictive maintenance services for fleet vehicles, enhance Sumitomo's Sensing Core services, which are compatible with next-generation vehicles. Sumitomo will integrate Viaduct’s AI technology with Sumitomo’s tire expertise and SENSING CORE technology. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: JP¥41.13 (down from JP¥52.80 in 2Q 2024). Revenue: JP¥284.4b (down 3.8% from 2Q 2024). Net income: JP¥10.8b (down 22% from 2Q 2024). Profit margin: 3.8% (down from 4.7% in 2Q 2024). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • May 31
Sumitomo Rubber Industries, Ltd. to Report Q2, 2025 Results on Aug 07, 2025 Sumitomo Rubber Industries, Ltd. announced that they will report Q2, 2025 results on Aug 07, 2025 Reported Earnings • May 20
First quarter 2025 earnings released: EPS: JP¥13.54 (vs JP¥94.45 in 1Q 2024) First quarter 2025 results: EPS: JP¥13.54 (down from JP¥94.45 in 1Q 2024). Revenue: JP¥287.8b (down 1.2% from 1Q 2024). Net income: JP¥3.56b (down 86% from 1Q 2024). Profit margin: 1.2% (down from 8.5% in 1Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • May 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (155% payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Declared Dividend • Apr 11
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 27th June 2025 Payment date: 5th September 2025 Dividend yield will be 4.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (155% earnings payout ratio). However, it is covered by cash flows (57% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 72% to bring the payout ratio under control. EPS is expected to grow by 144% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Apr 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (155% payout ratio). Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,605, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 63% over the past three years. Announcement • Mar 28
Sumitomo Rubber Industries, Ltd. to Report Q1, 2025 Results on May 15, 2025 Sumitomo Rubber Industries, Ltd. announced that they will report Q1, 2025 results on May 15, 2025 Reported Earnings • Feb 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥37.51 (down from JP¥141 in FY 2023). Revenue: JP¥1.21t (up 2.9% from FY 2023). Net income: JP¥9.87b (down 73% from FY 2023). Profit margin: 0.8% (down from 3.1% in FY 2023). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Announcement • Feb 13
Sumitomo Rubber Industries, Ltd., Annual General Meeting, Mar 27, 2025 Sumitomo Rubber Industries, Ltd., Annual General Meeting, Mar 27, 2025. Price Target Changed • Jan 31
Price target increased by 7.9% to JP¥2,103 Up from JP¥1,949, the current price target is an average from 10 analysts. New target price is 16% above last closing price of JP¥1,815. Stock is up 7.0% over the past year. The company is forecast to post earnings per share of JP¥10.91 for next year compared to JP¥141 last year. Major Estimate Revision • Jan 17
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥13.02 to JP¥11.61 per share. Revenue forecast steady at JP¥1.20t. Net income forecast to grow 195% next year vs 15% growth forecast for Auto Components industry in Japan. Consensus price target up from JP¥1,949 to JP¥2,003. Share price was steady at JP¥1,716 over the past week. Major Estimate Revision • Dec 26
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥14.56 to JP¥13.02 per share. Revenue forecast steady at JP¥1.20t. Net income forecast to grow 185% next year vs 18% growth forecast for Auto Components industry in Japan. Consensus price target broadly unchanged at JP¥1,924. Share price rose 2.3% to JP¥1,792 over the past week. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.4%). Major Estimate Revision • Dec 10
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥125 to JP¥112 per share. Revenue forecast steady at JP¥1.20t. Net income forecast to grow 228% next year vs 15% growth forecast for Auto Components industry in Japan. Consensus price target broadly unchanged at JP¥1,884. Share price rose 3.2% to JP¥1,719 over the past week. Announcement • Dec 03
Sumitomo Rubber Industries, Ltd. to Report Fiscal Year 2024 Results on Feb 06, 2025 Sumitomo Rubber Industries, Ltd. announced that they will report fiscal year 2024 results on Feb 06, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: JP¥132 loss per share (down from JP¥72.27 profit in 3Q 2023). Revenue: JP¥287.9b (flat on 3Q 2023). Net loss: JP¥34.7b (down 282% from profit in 3Q 2023). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥52.80 (up from JP¥15.93 in 2Q 2023). Revenue: JP¥295.7b (up 4.0% from 2Q 2023). Net income: JP¥13.9b (up 232% from 2Q 2023). Profit margin: 4.7% (up from 1.5% in 2Q 2023). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 101%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Declared Dividend • Aug 09
Dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 4.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,261, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 3.8% over the past three years. Reported Earnings • May 16
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: JP¥94.45 (up from JP¥15.23 in 1Q 2023). Revenue: JP¥291.4b (up 5.3% from 1Q 2023). Net income: JP¥24.8b (up JP¥20.8b from 1Q 2023). Profit margin: 8.5% (up from 1.4% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates significantly. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Apr 11
Final dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 27th June 2024 Payment date: 5th September 2024 Dividend yield will be 4.3%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 6.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥141 (up from JP¥35.80 in FY 2022). Revenue: JP¥1.18t (up 7.2% from FY 2022). Net income: JP¥37.0b (up 294% from FY 2022). Profit margin: 3.1% (up from 0.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Feb 14
Sumitomo Rubber Industries, Ltd., Annual General Meeting, Mar 28, 2024 Sumitomo Rubber Industries, Ltd., Annual General Meeting, Mar 28, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥40.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 29 March 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (3.0%). New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: JP¥72.27 (vs JP¥10.70 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥72.27 (up from JP¥10.70 loss in 3Q 2022). Revenue: JP¥289.5b (up 7.5% from 3Q 2022). Net income: JP¥19.0b (up JP¥21.8b from 3Q 2022). Profit margin: 6.6% (up from net loss in 3Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Price Target Changed • Oct 05
Price target increased by 7.5% to JP¥1,500 Up from JP¥1,395, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of JP¥1,533. Stock is up 27% over the past year. The company is forecast to post earnings per share of JP¥104 for next year compared to JP¥35.80 last year. Price Target Changed • Sep 27
Price target increased by 12% to JP¥1,480 Up from JP¥1,323, the current price target is an average from 10 analysts. New target price is 9.7% below last closing price of JP¥1,639. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥104 for next year compared to JP¥35.80 last year. Price Target Changed • Sep 13
Price target increased by 9.6% to JP¥1,395 Up from JP¥1,273, the current price target is an average from 10 analysts. New target price is 14% below last closing price of JP¥1,614. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥103 for next year compared to JP¥35.80 last year. New Risk • Aug 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 21x earnings per share. Cash payout ratio: 116% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.04% net profit margin). Reported Earnings • Aug 08
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥15.93 (down from JP¥20.66 in 2Q 2022). Revenue: JP¥284.4b (up 8.7% from 2Q 2022). Net income: JP¥4.19b (down 23% from 2Q 2022). Profit margin: 1.5% (down from 2.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: JP¥15.23 (vs JP¥44.69 in 1Q 2022) First quarter 2023 results: EPS: JP¥15.23 (down from JP¥44.69 in 1Q 2022). Revenue: JP¥276.8b (up 11% from 1Q 2022). Net income: JP¥4.01b (down 66% from 1Q 2022). Profit margin: 1.4% (down from 4.7% in 1Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Apr 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥35.80 (down from JP¥112 in FY 2021). Revenue: JP¥1.10t (up 17% from FY 2021). Net income: JP¥9.42b (down 68% from FY 2021). Profit margin: 0.9% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥35.80 (down from JP¥112 in FY 2021). Revenue: JP¥1.10t (up 17% from FY 2021). Net income: JP¥9.42b (down 68% from FY 2021). Profit margin: 0.9% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 
