The company's operating profit increased 23.5% y/y to JPY 5.3 billion (about EUR 33.8 million), significantly exceeding the company's full-year growth forecast of 7.3%.
Operating profit for the quarter was 21.5% of the company's full-year target of JPY 24.5 billion (approximately EUR 156.4 million). Most of the growth came from the Industrial Machinery segment. This segment's revenues increased to JPY 57.7 billion (EUR 368.5 million) from JPY 38.1 billion (EUR 243.2 million) a year earlier, while operating profit increased to JPY 4.3 billion (EUR 27.5 million) from JPY 3.3 billion (EUR 21.1 million). However, the segment's operating profit margin decreased to 7.5% from 8.6% in the same period last year.
The Materials & Engineering division reported flat y/y sales of EUR 58.7 million (JPY 9.2 billion). Although this division's operating profit declined due to higher overhead costs and changes in product mix, the operating margin of 18.2% was in line with the company's guidance of 18.0%.
On the order side, mixed results were seen across segments. The Materials & Engineering division received new orders totaling JPY 9.8 billion (EUR 62.5 million), compared to JPY 8.1 billion (EUR 51.7 million) in the previous year. Around 60% of these orders were from natural gas-fired power plant customers demanding turbines and shafts. Demand in the division remained strong across North America, South Asia and Japan.
In contrast, orders in the Industrial Machinery segment fell short of expectations, with orders totaling only JPY 7.6 billion (EUR 48.4 million), particularly in plastics processing. The full-year target for this segment was set at JPY 59.0 billion (EUR 375.6 million). Management attributed the lack of pelletizer orders in the quarter to ongoing trade war concerns in China delaying final investment decisions. It also said that demand for lithium ion separator film sheet machines for electric vehicles remained extremely weak.
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