Yaskawa Electric reports record sales and profit, FY02/2023 results

Yaskawa Electric announced its financial results for the fiscal year ending February 2023 (March 2022-February 2023) on April 7, 2023.

The company has adopted the International Financial Reporting Standards (IFRS). Net sales increased 16.0% year-on-year (YoY) to 555,955 million yen, operating income increased 29.2% YoY to 68,301 million yen, and net income attributable to owners of the parent company increased 35.0% YoY to 51,783 million yen. Net sales, operating income and net income attributable to owners of the parent company were all at record highs.

The robotics business in particular performed well, with sales in this business increasing 25.3% YoY to 223,829 million yen and operating income increasing 51.5% YoY to 26,126 million yen.

Masahiro Ogawa, President of Yaskawa Electric, explained the reason for the strong performance: “The global shift to electric vehicles (EVs) is accelerating in the main market, the automotive industry. Capital investment related to lithium-ion batteries has been further expanded”.

The company also announced its full-year forecast for the fiscal year ending February 2024, with sales up 4.3% YoY to 580 billion yen, operating income up 2.5% YoY to 70 billion yen, and net income attributable to owners of the parent down 0.9% YoY to 51.3 billion yen. “Market conditions are mixed, and the sky is not all clear. We will work hard to fulfill the order backlog and implement various projects while dealing with various issues,” said President Ogawa.