Toshiba Tec’s Q1 earnings surge
August 8, 2024
Toshiba Tec reports significant growth in Q1 FY2024 with net sales and profits surging.
Toshiba Tec Corporation financial results for the first quarter of FY2024, showcase substantial improvements across various financial metrics. The company reported net sales of ¥140.2 billion (€924.5 million/ $976.6 million), reflecting a notable increase from ¥122.4 billion (€807.1 million/ $851.9 million) in the same period last year.
Operating profit soared to ¥4.3 billion (€28.4 million/ $29.9 million), up from ¥1.3 billion (€8.6 million/ $9.0 million), while ordinary profit reached ¥4.6 billion (€30.4 million/ $31.9 million) compared to ¥0.4 billion (€2.6 million/ $2.8 million) previously. Profit attributable to owners of the parent also saw a positive shift, rising to ¥3.4 billion (€22.5 million/ $23.7 million) from break-even last year.
The Retail Solutions Business Group and the Workplace Solutions Business Group, which includes the printer segment, both reported increased net sales and operating profits. The Workplace Solutions Business Group saw net sales rise to ¥62.9 billion (€414.5 million/ $438.0 million) from ¥54.5 billion (€359.0 million/ $379.6 million), and operating profit jumped to ¥4.4 billion (€28.9 million / $30.6 million) from ¥2.1 billion (€13.8 million/ $14.6 million). These segments have been pivotal in driving the overall growth of the company.
Geographically, Toshiba Tec saw notable growth in both domestic and overseas markets. The forecast for FY2024 projects domestic sales to reach ¥166 billion (€1.09 billion/ $1.16 billion) and overseas sales to hit ¥152 billion (€1.00 billion/ $1.06 billion), underscoring the company’s expanding global footprint.
The company recorded an extraordinary loss of ¥3,530 million (€23.3 million/ $24.6 million) due to a provision for doubtful accounts in the overseas retail solutions business group. This provision, while significant, will be written off in the consolidated financial statements, ensuring no impact on the consolidated profit or loss.
The company remains optimistic about its prospects, projecting a net sales target of ¥565 billion (€3.72 billion/ $3.94 billion) for FY2024, an operating profit of ¥18 billion (€118.7 million/ $125.3 million), and a profit attributable to owners of the parent at ¥20 billion (€131.9 million/ $139.2 million), reflecting a strong growth trajectory.
Categories : City News
Tags : 2024 Business Financials OEM Q1 Results Toshiba Tec
