Japan Earnings Wrap: Ibiden, Nippon Steel Rise; Daikin Falls
Japanese stocks reporting earnings traded mixed on Wednesday, with gains led by electronics and steel-making companies while air-conditioning manufacturers declined.Ibiden (TYO:4062) shares soared 25% after posting a 41% year-over-year growth in attributable profit for the fiscal first quarter to 17.9 billion yen.Basic EPS was 64.14 yen, while net sales rose 26% to 123.2 billion yen for the three months ended June 30.In a separate filing, the electronics company raised its full-year attributable profit forecast to 84.0 billion yen from 58.0 billion yen, basic EPS to 149.68 yen from 103.85 yen and net sales to 550.0 billion yen from 500.0 billion yen.Nippon Steel (TYO:5401) shares gained over 3% after it returned to profitability in the fiscal first quarter. The steel maker posted an attributable profit of 75.3 billion yen for the three months ended June 30.Earnings per share were 12.73 yen, while revenue jumped 40% year on year to 2.821 trillion.For the fiscal first half ending Sept. 30, the company now expects an attributable profit of 120 billion yen, basic EPS of 23 yen and revenue of 5.600 trillion yen, compared with its previous forecast of an attributable profit of 90 billion yen, basic EPS of 17 yen and revenue of 5.400 trillion yen previously.Daikin Industries' (TYO:6367) shares fell 8% after its earnings came in lower in the fiscal first quarter. Attributable profit slipped 1.7% to 80.1 billion yen in the three months ended June 30.Earnings per share in the three months ended June 30 edged up to 280.37 yen while net sales in fiscal Q1 increased 17.5% to 1.426 trillion yen.For the year ending March 31, 2027, the air conditioning manufacturer expects attributable profit of 278 billion yen, EPS of 949.32 yen and revenue of 5.150 trillion yen
