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Olympus Corp (7733 JP): FY23 Result Missed Expectation; Initiated Muted FY24 Forecast
399 Views21 May 2023 08:48
SUMMARY
- Olympus Corp (7733 JP) announced mixed FY23 result. While revenue was slightly ahead of forecast, both operating and net profits missed guidance. Excluding Fx, revenue increased just 4.5% in FY23.
- Operating profit increased 28% YoY to ¥187 billion, below forecast of ¥198 billion, mainly due to high-than-expected SG&A expenses, which accounted for 47.7% of revenue versus forecast of 47.2%.
- Due to continuing macroeconomic uncertainties and waning Fx benefit, Olympus expects FY24 revenue to be ¥914B (+4% YoY) and operating profit to be ¥163B (-13% YoY).
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