YASKAWA Electric posts record half year results as parts supply normalizes

YASKAWA Electric held a press conference at its headquarters in Kita Kyushu City, Japan on October 6 to report its financial results for the second quarter of the fiscal year ending February 2024. 

Under International Financial Reporting Standards (IFRS) and for the second quarter (March-August), net sales increased 9.7% year-on-year to 288,978 million yen, operating income increased 5.8% to 33,062 million yen, and quarterly net income attributable to owners of the parent company increased 2.2% to 24,228 million yen, with increases in both sales and income. The company steadily absorbed its order backlog by normalizing parts procurement, resulting in record performance on a half-year basis. Profitability improved as a result of shifting raw material cost increases to cost reductions, and the weaker yen had a positive impact on profits. 

In the robotics business alone, sales increased 8.5% YoY to 112.4 billion yen and operating income increased 19.3% YoY to 13.0 billion yen. 

Although orders have been slipping YoY since the beginning of the current fiscal year, Masahiro Ogawa, President and Representative Director, considers this to be “within expectations”. Last fiscal year’s uncertainty about delivery dates led to a wave of advance orders that dampened this year’s demand.  President Ogawa commented, “We had taken into account the slump in demand for semiconductors, and there were no unexpected ups and downs. Semiconductor-related demand is expected to recover in the next fiscal year and beyond. In terms of regions, we have high expectations for the U.S. market potential in all industries, including semiconductors”.