Quarterly Report Q2 for the fiscal year
ending December 2023
Aug 10th, 2023
Nittoseiko Co., Ltd.
(Issue code: Tokyo Stock Exchange Prime 5957)
March 2022:
Selected as a Health Management Brand for the second consecutive year.
March 2022: Selected as a Nadeshiko Brand for the first time.
1
Highlight of Q2 consolidated result
for the fiscal year ending December 2023
Q2 fiscal year 2022 | Q2 fiscal year 2023 | YoY | ||||||||||
Unit: Million yen / % | ||||||||||||
Amount | Ratio (%) | Amount | Ratio (%) | Amount | % Change | |||||||
change | ||||||||||||
Net sales | 100.0 | 22,447 | 100.0 | 1,557 | 7.5 | |||||||
20,890 | ||||||||||||
Gross profit | 4,764 | 22.8 | 5,117 | 22.8 | 353 | 7.4 | ||||||
Selling, general and administrative | 3,732 | 17.9 | 3,818 | 17.0 | 86 | 2.3 | ||||||
expenses | ||||||||||||
Operating income | 1,032 | 4.9 | 1,298 | 5.8 | 266 | 25.9 | ||||||
Ordinary income | 1,270 | 6.1 | 1,476 | 6.6 | 205 | 16.2 | ||||||
Net income for current period before | 1,612 | 7.7 | 1,494 | 6.7 | △117 | △7.3 | ||||||
income taxes | ||||||||||||
Net income attributed to shareholders of | 996 | 4.8 | 833 | 3.7 | △162 | △16.3 | ||||||
the parent company | ||||||||||||
Net income per share (yen) | 26.97 | 22.57 | ||||||||||
●Sales increased 7.5% YoY due to strong sales of fastener products for the automobile-related industry and the housing and construction industry, as well as the consolidation of KM Seiko Co., Ltd. and Pinning Co., Ltd. as subsidiaries in April last year.
●Profit increased 25.9% YoY due to sales price revisions and unified efforts to reduce costs in manufacturing and sales, despite a hike in parts prices due to soaring costs of resources and raw materials.
●Despite firm sales in Southeast Asia, orders were sluggish overseas due to the slowdown of the U.S. and Chinese economies, and sales remained flat.
2
Net Sales and Operating Income by Segment (Consolidated)
(Unit: Million yen / %) | Q2 fiscal year | Q2 fiscal year | YoY | ||
2022 | 2023 | Amount change | % Change | ||
Net sales | 15,226 | 16,260 | 1,034 | 6.8 | |
Fastener | Operating | 434 | 800 | 365 | 84.0 |
income | |||||
Profit ratio | 2.9 | 4.9 | |||
Net sales | 3,070 | 3,453 | 382 | 12.5 | |
Assembly Machine | Operating | 571 | 481 | △89 | △15.7 |
income | |||||
Profit ratio | 18.6 | 13.9 | |||
Net sales | 2,588 | 2,720 | 131 | 5.1 | |
Control System | Operating | 73 | 69 | △3 | △5.4 |
income | |||||
Profit ratio | 2.9 | 2.6 | |||
Net sales | 4 | 13 | 8 | 182.9 | |
Medical | Operating | △47 | △52 | △4 | - |
income | |||||
Profit ratio | - | - | |||
(Million Yen) | Change in net sales by | (Million Yen) | Change in operating income | ||
segment | by segment |
3
Overview of results by segment - Fastener Division
Unit: Mil yen/ %
FY2022 | FY2023 | YOY |
Q2 | Q2 | |
Amount | Amount Amount % Change |
◆Automobile
・Despite production adjustments by customers due to material shortages, demand remained strong for "GIZATITE," "ALUMITITE," "CP GRIP," "washer-embedded screws," and "precision
Net sales | 15,226 | 16,260 | 1,034 | 6.8 | |
Automobile | 5,368 | 6,147 | 778 | 14.5 | |
Housing and | 3,055 | 3,691 | 636 | 20.8 | |
construction | |||||
Electrical and | 2,775 | 2,387 | △388 | △14.0 | |
electronic parts | |||||
Household | 1,112 | 1,243 | 131 | 11.8 | |
goods | |||||
IT and digital | 755 | 627 | △127 | △16.9 | |
equipment | |||||
Precision | 552 | 535 | △17 | △3.1 | |
equipment | |||||
Medical | 166 | 142 | △23 | △14.1 | |
Energy sector | 70 | 90 | 19 | 28.1 | |
Others | 1,373 | 1,398 | 25 | 1.8 | |
Operating Income | 434 | 800 | 365 | 84.0 |
・Both sales and profit increased due to strong demand in the mainstay automobile, housing and construction sectors, as well as the effect of transferring prices to customers.
・Overseas, demand in Indonesia remained strong.
pressed products" for EVs, ECUs, batteries, sensors, and electrification, as well as the new "JOISTUD" series, which contributes to lighter and thin plated vehicles.
◆Housing and construction
・Demand for fastening parts for construction, such as "drill screws" and "nuts," remained strong. In addition, future growth is expected with the launch of the new product "SHARECROSS".
◆Electrical and electronic parts
・Demand remained sluggish due to the significant impact of material shortages. ◆Household goods
・Despite a slowdown in domestic stay-at-home demand from the Corona disaster, sales remained strong due to increased overseas sales (China and Taiwan).
4
Overview of results by segment - Assembly Machine Division
Unit: Mil yen/ %
FY2022 | FY2023 | YOY |
Q2 | Q2 | |
Amount | Amount Amount % Change |
◆Automobile
・Although there were many inquiries for CASE/EV-related equipment, equipment modifications to incorporate new vehicle models, and automation equipment to alleviate
Net sales | 3,070 | 3,453 | 382 | 12.5 | |
Automobile | 1,954 | 1,826 | △128 | △6.6 | |
Electrical and | 209 | 711 | 502 | 240.0 | |
electronic parts | |||||
Amusement | 55 | 206 | 151 | 277.1 | |
machine | |||||
IT and digital | 98 | 139 | 41 | 42.2 | |
equipment | |||||
Housing and | 47 | 104 | 57 | 122.5 | |
construction | |||||
Energy sector | 165 | 99 | △66 | △40.0 | |
Household | 23 | 10 | △12 | △54.9 | |
goods | |||||
Others | 519 | 358 | △162 | △31.3 | |
Operating income | 571 | 481 | △89 | △15.7 |
・In addition to the continuing strong demand from the electrification and other business domains, the recent labor shortages in various fields have contributed to strong sales. However, despite the strong performance, profits decreased due to the effects of soaring raw material prices. The Company is committed toward generating profits, including price pass-through.
・Overseas, demand was strong in Thailand and Taiwan.
labor shortages, demand for screw fastening equipment remained sluggish due to a decline in capital investment as a result of soaring raw material prices.
◆Electrical and electronic parts ・Significant YoY increase due to acquisition of a large project for substrate plating equipment, and other factors. ◆Amusement machine
・Sales increased significantly due to large orders for "assembly lines" and "screw robots" for the production of new models.
◆IT and digital equipment
・Strong sales due to special demand related to smartphones.
◆Housing and construction
・Demand for labor-saving equipment remained strong.
5
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Nitto Seiko Co. Ltd. published this content on 18 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2023 00:58:01 UTC.