January 29, 2025
(JPY B)
| FY2023 | FY2024 | Prior Full-Year Forecast | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Results | 1Q Results |
2Q Results |
3Q Results |
4Q Forecast |
Full-year Forecast |
vs. FY2023 | As of Oct. 2024 | Change | ||
| Change | (%) | |||||||||
| Sales | 486.5 | 138.7 | 190.5 | 218.2 | 192.6 | 740.0 | +253.5 | +52.1% | 640.0 | +100.0 |
| Operating Income | 81.6 | 31.3 | 63.6 | 69.2 | 61.9 | 226.0 | +144.4 | 2.8x | 165.0 | +61.0 |
| Operating Margin % | 16.8% | 22.6% | 33.4% | 31.8% | 32.1% | 30.5% | +13.7pts | 25.8% | +4.7pts | |
| Income Before Tax | 78.2 | 31.9 | 60.7 | 70.6 | 61.8 | 225.0 | +146.8 | 2.9x | 162.5 | +62.5 |
| Net Income | 62.3 | 23.9 | 45.4 | 51.9 | 46.3 | 167.5 | +105.2 | 2.7x | 122.0 | +45.5 |
| Net Income Margin % | 12.8% | 17.2% | 23.9% | 23.8% | 24.0% | 22.6% | +9.8pts | 19.1% | +3.5pts | |
| Basic EPS*1 (JPY) | 84.45 | 32.35 | 61.56 | 70.30 | 63.53 | 227.74 | +143.29 | 2.7x | 165.01 | +62.73 |
| R&D Expenses | 65.5 | 17.3 | 17.1 | 17.0 | 20.6 | 72.0 | +6.5 | +9.9% | 72.0 | - |
|---|---|---|---|---|---|---|---|---|---|---|
| CapEx | 20.8 | 4.4 | 3.9 | 5.2 | 7.5 | 21.0 | +0.2 | +1.0% | 22.0 | -1.0 |
| D&A | 26.1 | 7.1 | 7.2 | 6.7 | 6.0 | 27.0 | +0.9 | +3.4% | 27.0 | - |
| Exchange Rate*2 (JPY) | 1 US$ | 143 | 153 | 154 | 149 | 140 | 149 | JPY6 Depreciation | 147 | JPY2 Depreciation | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Euro | 155 | 165 | 168 | 162 | 155 | 163 | JPY8 Depreciation | 161 | JPY2 Depreciation | ||
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Advantest has enacted a 4-for-1 stock split of common share, effective October 1, 2023. The above Basic EPS figures are based on the assumption that the stock split had been enacted at the beginning of FY2023. In the full-year forecast, the average number of outstanding shares used in the calculation of Basic EPS is calculated using the number of issued and outstanding shares as of Dec. 31, 2024 excluding number of treasury shares as of Dec. 31, 2024. The figure for 4Q forecast is calculated by subtracting the nine-month results from the full-year forecast
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Our latest forecast for the impact of exchange rate fluctuations on FY2024 operating income is plus JPY1.3 billion per 1 yen of JPY depreciation vs USD, and minus JPY0.3 billion per 1 yen of JPY depreciation vs. the Euro
The business environment surrounding Advantest is becoming increasingly uncertain, with concerns over rising geopolitical risks in the global economy. On the other hand, the semiconductor market in CY2025 will continue to be driven by demand for AI-related semiconductors, as it was in the previous year with the ongoing implementation of AI in society. In the semiconductor test equipment market, while the recovery in demand for applications other than AI, such as for automotive and industrial equipment, is expected to take some time, high demand is expected to continue for AI-related applications, against the backdrop of increasing complexity and production expansion. The increasing number of companies entering the AI-related semiconductor market is also likely to support this demand.
Based on this outlook and the progress made for the nine-month period ended December 31, 2024, Advantest has revised its full-year consolidated forecast for the current fiscal year from the forecast as of October 2024 as follows. Sales forecast is revised up to (Y) 740.0 billion from (Y) 640.0 billion, operating income to (Y) 226.0 billion from (Y) 165.0 billion, income before income taxes to (Y) 225.0 billion from (Y) 162.5 billion, net income to (Y) 167.5 billion from (Y) 122.0 billion, respectively. This forecast is based on exchange rate assumptions of 1 USD to 140 JPY and 1 EUR to 155 JPY for the fourth quarter of the current consolidated fiscal year.
Regarding the restrictions on the export of semiconductor production equipment to China by the U.S. and its allies, the direct impact on our current fiscal year’s earnings is expected to be limited under the current laws and regulations, but Advantest will continue to closely monitor the situation.
In the mid-/long-term, as the semiconductor market expands and the industry faces structural challenges in dealing with the complexity within semiconductor supply chains, Advantest believes that business opportunities will expand. In such an industry landscape, Advantest will strive to expand the value it provides to stakeholders over the mid/long-term by pursuing the measures set out in the Third Mid-term Management Plan, of which the current fiscal year is the first year.