Daifuku reports 41.2% YoY increase in orders, strong start to Q1 FY2024

On August 8, Daifuku, a manufacturer of logistics systems and material handling equipment, held a financial results briefing for the first quarter of fiscal year 2024 (April to June 2024). The company reported a robust 41.2% year-on-year increase in orders, totaling 183.6 billion yen. This represents an increase of 53.6 billion yen from the same period last year, with 26.2 billion yen attributable to currency fluctuations. Even excluding this effect, orders showed a significant increase. 

Record financial performance 

Daifuku’s financial performance in the first quarter was impressive across all key metrics. The company achieved a 7.8% YoY increase in net sales to 145 billion yen, while operating income surged 99.6% YoY to 16.4 billion yen. Ordinary income increased 87.1% YoY to 17.6 billion yen, and net income attributable to shareholders of the parent company increased 79.3% YoY to 12.8 billion yen. Each of these figures marks a record high for Daifuku’s first quarter performance. 

Revised Full-Year Forecast 

Starting this fiscal year, Daifuku plans to change its fiscal year-end from March to December. The company also announced an upward revision to its full-year forecast for the fiscal period ending December 2024. While the sales forecast remains unchanged at 550 billion yen, Daifuku has raised its operating income forecast by 4 billion yen to 56 billion yen, its ordinary income forecast by 5.5 billion yen to 59 billion yen, and its net income attributable to shareholders by 3 billion yen to 42 billion yen. 

Key Growth Drivers 

Hiroshi Geshiro, President and CEO, commented, “The first quarter has started smoothly. We’ve seen strong demand from the airport and semiconductor industries, and we’ve received a significant number of orders for e-commerce distribution centers. The same trends are evident domestically and in North America, where rising labor costs are driving the need for increased automation and contributing to our growth.”